Egypt's Palm Hills sees 152 pct rise in profits in Q3

Ahram Online, Sunday 9 Nov 2014

Leading real estate developer Palm Hills Development sees its profits jump to around $18 million in three months ending 30 September

The net profits of Egyptian real estate developer Palm Hills Development climbed 152 percent in the third quarter this year compared to the same period a year earlier, the firm said in a statement sent to the Egyptian Stock Exchange Sunday.

Palm Hills recorded net profits of LE129.7 million ($18.1 million) in the three months ending 30 September compared to LE51.5 million ($7.2 million) in the same period last year.

Revenues also jumped to LE486.9 million from LE104 million in the third quarter of 2013.

In September, Palm Hills sold its 26 percent stake in Middle East for Investment and Touristic Development (MEITD), worth LE76.5 million ($10.9 million), according to the stock exchange.

The real estate developer explained that it plans to focus on its Hacienda Bay project, which is spread over 2.2 million square metres.

Earlier, the country's second-largest listed real estate developer also acquired a LE2.4 billion ($342 million) loan to finance existing projects.

Emirati-based Aabar Company bought a 5.1 percent stake in Palm Hills, as announced by Palm Hills Sunday.

Palm Hills' last share price was LE4.31 per share when traded Thursday.

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