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Palm Hills reports 47% YoY hike in Q1 revenue

Palm Hills reports 47% YoY hike in Q1 revenue

Arab Finance: Palm Hills Development Company (PHDC) reported a 47% year-on-year (YoY) hike in revenue for the first quarter (Q1) of 2022, according to the company’s Q1 2022 Earnings Release on May 31st.

Revenues amounted to EGP 2.9 billion in Q1 2022, compared to EGP 1.97 billion in the same quarter a year earlier.

Moreover, the company recorded a net profit after tax and minority interest of EGP 295 million in Q1 2022, rising by 44% YoY from EGP 205 million.

The real estate development company has recorded a YoY growth rate of 62% in new sales for Q1 2022.

New sales reached EGP 5.5 billion during the first three months of 2022, compared to EGP 3.4 billion in Q1 2021.

The growth in new sales was mainly driven by the 97% YoY surge in the number of units sold, which reached 959 units in Q1 2022, compared to 488 units in the same quarter last year.

The delivery rate of units increased by 8% YoY in Q1 2022, with the company handing over 371 units, compared to 344 units delivered in Q1 2021.

New commercial sales jumped by 59% YoY to EGP 853 million in the January-March period of 2022.

Construction spending rose by 36% YoY to EGP 930 million in Q1 2022 from EGP 681 million.

Palm Hills is an Egypt-based company that focuses on real estate investment in new cities and urban communities, land reclamation and cultivation, and other activities associated with the company’s operations.

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