Palm Hills Developments (PHD) saw its topline rise 39% y-o-y to EGP 4.7 bn in 2Q 2024, according to the developer’s latest earning release (pdf). Net income after tax and minority interest nearly doubled, rising 97% y-o-y to record EGP 701 mn during the same period.

An even better 1H 2024: For the first half of the year, PHD’s revenues rose 58% y-o-y to EGP 10.9 bn. Meanwhile, the property developer’s net income after tax and minority interest surged 180% y-o-y during the six-month period, standing at EGP 1.7 bn,

Record-breaking sales: New sales hit an all-time high EGP 65.5 bn in 1H 2024, up 233% y-o-y “fueled by North Coast, West Cairo and Badya sales.” West Cairo sales grew 3x during the period to EGP 18.7 bn, making up 29% of the developer’s total new sales for the six-month period.

What they said: “This exceptional performance which reflects the trust of our customers and resilience of our brand equity continued during the third quarter, leading to an all-time new sales crossing c. EGP 110 bn-mark until 20 August 2024, more than four-fold increase year-on-year,” executive chairman Yasseen Mansour said.

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