Egypt's Palm Hills profit rises to LE353 million in 2014

Ahram Online , Sunday 22 Feb 2015

Property developer announces big increase in profits during 2014

Palm Hills
A view of luxurious houses at one Palm Hills gated community, 20 km (13 miles) west of Cairo, Egypt June 26, 2008 (Photo: Reuters)

Egypt's Palm Hills reported a net profit after tax and minority interest of LE353.3 million ($46.3 million) for the year ended on 31 December, 2014, up from LE251.7 million ($33 million) in the previous year.

“Our year end results for 2014 are truly a culmination of our efforts to turnaround the company’s performance and return to 2010 levels of profitability,” said Co-CEO Tarek Abdel Rahman.

“Our successful sales strategy and marketing campaign, coupled with an influx of financing to speed up construction and increase the pace of deliveries, really paid off with a more than two-fold increase in our statutory revenues.”

Statutory Revenues of Egypt's second largest-listed property developer rose 74 percent year-on-year to LE2.1 billion in 2014, factoring out the LE240 million in revenues from the sale of The Village Mall in New Cairo in 2013.

Palm Hills saw its share price rise 0.50 percent in Sunday trading to LE4.05. 


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