Cairo – Mubasher: The consolidated net profits after tax and minority interest of Palm Hills Developments Company stood at EGP 252.67 million in the first quarter (Q1) of 2023.
The recorded net profits were lower by 14% year-on-year (YoY) than an EGP 294.96 million, according to the income statements.
Meanwhile, the revenues climbed by 22% to EGP 3.52 billion in the January-March 2023 period from EGP 2.90 billion in Q1-22.
Earnings per share (EPS) amounted to EGP 0.09 in Q1-23, down from EGP 0.10 as of 31 March 2022.
Standalone Financial Results
Palm Hills generated standalone net profits after tax valued at EGP 208.82 million during the first three months (3M) of 2023, a YoY jump from EGP 60.08 million.
Non-consolidated revenues surged to EGP 1.73 billion in Q1-23 from EGP 975.42 million in Q1-22, while the EPS hiked to EGP 0.07 from EGP 0.02.
Yasseen Mansour, Executive Chairman of Palm Hills, highlighted: “The company achieved net sales of EGP 6.80 billion in Q1-23, a growth of 22% YoY, surpassing Q1-22 sales level of EGP 5.50 billion.”
Mansour added: “Badya, Palm Hills New Cairo, The Crown, and Palm Hills Alexandria accounted for 78% of residential new sales in Q1-23.”
“During Q1-23, the company successfully concluded another securitization transaction of a gross receivables’ portfolio of EGP 1.10 billion via the issuance of securitized bonds in cooperation with EFG Hermes,” he stated.
The Chairman noted: “We have increased our construction spending by 23% YoY to EGP 1.20 billion during Q1-23.”
Capital Reduction
The Listing Committee greenlighted the company’s capital cut to EGP 5.88 billion from EGP 6 billion. Such capital decrease will be conducted by cancelling 60 million treasury stocks at a par value of EGP 2 per share.
In this regard, the real estate developer’s listed capital will stand at EGP 5.88 billion distributed over 2.94 billion shares at a nominal value of EGP 2 per share.
Last year, Palm Hills witnessed higher consolidated net profits after tax at EGP 1.29 billion, versus EGP 856.06 million in 2021, including non-controlling equity.
