{"id":566372,"date":"2021-06-15T13:58:39","date_gmt":"2021-06-15T13:58:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/palm-hills-development-scores-an-impressive-1q2021\/"},"modified":"2021-06-15T13:58:39","modified_gmt":"2021-06-15T13:58:39","slug":"palm-hills-development-scores-an-impressive-1q2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/palm-hills-development-scores-an-impressive-1q2021\/","title":{"rendered":"Palm Hills Development scores an impressive 1Q2021"},"content":{"rendered":"

<\/a> Palm Hills Development\u2019s bottomline soared 152% y-o-y to EGP 205 mn during <\/strong>1Q2021, <\/strong>up from EGP 81 mn in 1Q2020, according to the real estate developer\u2019s earnings release (pdf)<\/a>. This came as revenues rose 74%, reaching EGP 1.98 bn from EGP 1.14 bn in 1Q2020, driven by a surge in new sales in both residential and commercial projects, which reached EGP 3.4 bn in 1Q2021, up 98% from the same quarter last year.<\/p>\n

PHD sold 488 units during the quarter, a growth of 87%<\/strong>, and delivered north of 344 units, a significant 155% increase compared to 1Q2020. New sales were concentrated in West Cairo, which grew 90% y-o-y and attracted nearly 54% of the quarter\u2019s homebuyers, mainly from sales in Badya<\/a> and The Crown<\/a> in Sixth of October city. Sales in East Cairo came in second, contributing 26% to new contracts, followed by new sales in the North Coast, Alexandria, and Ain Sokhna (20%).<\/p>\n

PHD\u2019s performance \u201cimproved dramatically during the period<\/strong> [\u2026] supported by the recovery in home buying transactions across all operating regions,\u201d Chairman Yasseen Mansour said. \u201cWe continue to monitor and optimize our leverage,\u201d and have ended the quarter with a EGP 1.2 bn reduction in net debt y-o-y, Mansour added.<\/p>\n

PHD recently executed a reshuffle in its upper management: <\/strong>It appointed<\/a> former CI Capital co-CEOs Hazem Badran and Tarek Tantawy (LinkedIn<\/a>) as new co-CEOs and managing directors to replace Mansour. The founder handed over the CEO\u2019s job but will remain executive chairman.<\/p>\n

B Investments\u2019 net income increased 34% in 1Q2021,<\/strong> reaching EGP 50.6 mn from EGP 37.7 mn in 1Q2020, the company said in its quarterly earnings release (pdf)<\/a>. Revenues came in at EGP 61.3 mn last year, up 13% from EGP 54.2 mn the year before.<\/p>\n

Food and dairy manufacturer Domty incurred losses worth EGP 3.4 mn in 1Q2021<\/strong>, compared to profits of EGP 32.1 mn in the same quarter of 2020, according to the company\u2019s quarterly financials (pdf)<\/a>. Revenues also declined to EGP 647.1 mn in 1Q2021 from EGP 744.8 mn in 1Q2020.<\/p>\n

Arabia Investments Holding reported a 62% y-o-y jump in its bottom line,<\/strong> recording EGP 15 mn in 1Q2021, compared to EGP 9.23 mn over the same quarter last year, according to its quarterly financials (pdf)<\/a>. Revenues increased to EGP 336.17 mn in 1Q2021, compared to EGP 216.62 mn in 1Q2020.<\/p>\n

Minapharm\u2019s net income soared 213% to EGP 58 mn in 1Q2021,<\/strong> up from EGP 18.5 mn over the same quarter last year. This came as net sales grew 32.7% y-o-y to EGP 526.9 mn, the company said in an earnings statement (pdf)<\/a>. Minapharm is set to manufacture<\/a> some 40 mn doses of the Sputnik V vaccine per year under an agreement with Russia\u2019s sovereign wealth fund RDIF. The locally manufactured vaccines should begin to be rolled out in 3Q2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Palm Hills Development\u2019s bottomline soared 152% y-o-y to EGP 205 mn during 1Q2021, up from EGP 81 mn in 1Q2020, according to the real estate developer\u2019s earnings release (pdf). This came as revenues rose 74%, reaching EGP 1.98 bn from EGP 1.14 bn in 1Q2020, driven by a surge in new sales in both residential […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10053],"tags":[2728,1598,409,633,503,131,878,354,427,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566372","post","type-post","status-publish","format-standard","hentry","category-speed-round-earnings-watch","tag-arabia-investments-holding","tag-domty","tag-earnings-watch","tag-enterprisepm","tag-financial-services","tag-manufacturing","tag-minapharm","tag-palm-hills-developments","tag-pharma","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"03453587-ff65-4471-8aa6-b00fbc85b4bf","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[566363],"teaser":"","voice_url":""},"yoast_head":"\nPalm Hills Development scores an impressive 1Q2021 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/palm-hills-development-scores-an-impressive-1q2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Palm Hills Development scores an impressive 1Q2021\" \/>\n<meta property=\"og:description\" content=\"Palm Hills Development\u2019s bottomline soared 152% y-o-y to EGP 205 mn during 1Q2021, up from EGP 81 mn in 1Q2020, according to the real estate developer\u2019s earnings release (pdf). This came as revenues rose 74%, reaching EGP 1.98 bn from EGP 1.14 bn in 1Q2020, driven by a surge in new sales in both residential […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/palm-hills-development-scores-an-impressive-1q2021\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-15T13:58:39+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/palm-hills-development-scores-an-impressive-1q2021\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/palm-hills-development-scores-an-impressive-1q2021\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Palm Hills Development scores an impressive 1Q2021\",\"datePublished\":\"2021-06-15T13:58:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/palm-hills-development-scores-an-impressive-1q2021\/\"},\"wordCount\":442,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Arabia Investments Holding\",\"Domty\",\"earnings watch\",\"EnterprisePM\",\"financial services\",\"Manufacturing\",\"Minapharm\",\"Palm Hills Developments\",\"pharma\",\"real estate\"],\"articleSection\":[\"SPEED ROUND: EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/palm-hills-development-scores-an-impressive-1q2021\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/15\/palm-hills-development-scores-an-impressive-1q2021\/\",\"name\":\"Palm Hills Development scores an impressive 1Q2021 - 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Operating revenues were up to EGP 206.6 mn during the quarter from EGP 179.4\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546945,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/palm-hills-net-income-rises-44-in-1q-2022\/","url_meta":{"origin":566372,"position":5},"title":"Palm Hills\u2019 net income rises 44% in 1Q 2022","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"Palm Hills Developments\u2019 (PHD) bottom line surged 44% y-o-y in 1Q 2022, driven by a strong increase in sales, the real estate developer said in its latest earnings release (pdf). The company reported net income of EGP 295 mn, supported by a 47% increase in revenues which reached EGP 2.9\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=566372"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566372\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566363"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566372"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566372"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}