The Clap:
Palm Hills Developments Company reported a surge in revenue and bottom line growth in the three months ending in March.
Revenues:
The real estate firm saw its revenues surge 76.5% YoY in 1Q 2024 to EGP 6.22 billion.
Gross profit:
Palm Hills more than doubled its earnings before interest and tax to EGP 2.33 billion, seeing a 105.4% YoY rise.
Net profit:
The developer saw its net income rise 296.5% YoY to over EGP 1 billion during the first quarter of the year.
Big plans ahead:
In April, Palm Hills disclosed it is in talks with three banks over an EGP 1.7 billion loan to fund its Palmet Mall project in West Cairo. The developer also said late last month it is partnering with Cleopatra Group for a project on the North Coast that is expected to rake in over EGP 100 billion in revenues.
