Arab Finance: Palm Hills Development Company (PHDC) reported an 8.87% year-on-year (YoY) increase in consolidated net profits for the first half (H1) of 2023, according to the company’s financial statements sent to the Egyptian Exchange (EGX) on August 23^rd.

The company recorded a net profit after tax and minority interest of EGP 608.047 million in H1 2023, up from EGP 558.488 million.

The real estate development company’s operating revenues amounted to EGP 6.919 billion in H1 2023, compared to EGP 6.94 billion in the same half a year earlier.

The firm’s standalone net profit after tax hit EGP 371.833 million during the January-June period of this year, down from EGP 551.143 million in the first six 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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