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  • Palm Hills Q1 profit declines

    Palm Hills Q1 profit declines

    ArabFinance:  Palm Hills Developments (PHD) reported a 42% Year on Year decline in its net profit in Quarter one (Q1) of 2020, according to the company's June 28th financial statements filed to the Egyptian Exchange.

    Consolidated net profit stood at EGP 81,262,576 in Q1 2020, compared to EGP 141,160,894 posted in Q1 2019.

    Nevertheless, standalone net profit reached EGP 72,459,574 in Q1 2020, 173% increase from EGP 26,481,716 acheived in Q1 2019.

    The real estate developer previously inked an EGP 365 million loan agreement with Arab African International Bank and Banque Misr.

    PHD is an Egypt-based company that operates in the real estate sector. The company focuses on the real estate investment in the new cities and urban communities, land reclamation and cultivation, and other activities associated with the Company’s operations. PHD is primarily engaged in developing integrated residential, commercial real estate, and resort projects.

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