Q2 Profits quadruple at Egyptian property group Palm Hills

Palm Hills, Egypt’s second-biggest listed property developer, reported Thursday a four-fold increase in second-quarter net profits on the back of increasing revenues, the company said on Thursday.

Palm Hills reported quarterly net profit of 431.2 million Egyptian pounds ($55.07 million), up from 84.7 million pounds in the same period last year.

The company’s quarterly revenues rose about 65 percent to 729.37 million pounds, up from 441.29 million pounds a year ago, Palm Hills said in the statement on the Egyptian bourse.

The Egyptian developer also saw first half profits jump to 645.95 million pounds, from 134.44 million in the same period last year.

source: Reuters