Arab Finance: Palm Hills Development Company (PHDC) reported a 14.34% year-on-year (YoY) decrease in consolidated net profits for the first quarter (Q1) of 2023, according to the company’s earnings sent to the Egyptian bourse on May 31st.

The company recorded a net profit after tax and minority interest of EGP 252.670 million in Q1 2023, down from EGP 294.966 million.

The real estate development company’s operating revenues amounted to EGP 3.528 billion in Q1 2023, compared to EGP 2.903 billion in the same quarter a year earlier.

The firm’s standalone net profits after tax hit EGP 208.822 million during the January-March period of this year, up from EGP 60.082 million in the first three months of 2022.

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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