{"id":587799,"date":"2023-06-01T00:00:00","date_gmt":"2023-06-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/"},"modified":"2023-06-01T00:00:00","modified_gmt":"2023-06-01T00:00:00","slug":"palm-hills-revenues-up-22-in-1q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/","title":{"rendered":"Palm Hills\u2019 revenues up 22% in 1Q 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Palm Hills Developments\u2019 (PHD) revenues grew 22% y-o-y to EGP 3.5 bn in 1<\/span><span style=\"font-weight:700\">Q 2023 <\/span><span>thanks to a rise in residential sales, according to the real estate developer\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1747.pdf\" style=\"\">earnings<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1747.pdf\" style=\"\">release (pdf)<\/a><\/span><span>. Net income after tax and minority interest dropped 14% y-o-y to EGP 252.7 mn as higher financing costs \u2014 which more <\/span><span>than doubled y-o-y <\/span><span>\u2014 ate into the company\u2019s margins.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">West Cairo drives new sales: <\/span><span style=\"\">New sales grew 22% y-o-y to EGP 6.8 bn, driven by sales in <\/span><span style=\"font-weight:400;\">PHD\u2019s West Cairo locations including residential developments Badya and the Crown. Some 69% of new sales in 1Q were in West Cairo, where sales grew 65% y-o-y to EGP 4.7 bn. Sales in Badya alone grew 54% y-o-y to reach EGP 2.9 bn, accounting for 43% of total new sales. Commercial sales dropped 45% y-o-y to EGP 466 mn after the company paused all new commercial launches. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Rising rates hit profit margin:<\/span><span style=\"\"> PHD\u2019s borrowing costs surged 145% y-o-y to EGP 368.4 mn <\/span><span style=\"font-weight:400;\">during the quarter on the back of sharply higher interest rates. This caused the company\u2019s profit margin to fall to 7% from 10% in 1Q 2022.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Construction spending was up 23% to EGP 1.2 bn <\/span><span style=\"\">as PHD \u201ccontinues to expand [its] focus <\/span><span style=\"font-weight:400;\">on Badya and Palm Hills New Cairo, the company\u2019s largest integrated developments,\u201d said Executive Chairman Yasseen Mansour. \u201cLooking ahead, we are well positioned with high quality assets and product offering complemented by a strong balance sheet and an attractive development pipeline.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ELSEWEDY ELECTRIC PROFITS SURGE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Elsewedy Electric\u2019s net income after minority interest rose nearly fourfold to EGP 2.9 bn <\/span><span style=\"font-weight:700\">in 1Q 2023<\/span><span>, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1761.pdf\" style=\"\">earnings release<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1761.pdf\" style=\"\">(pdf)<\/a><\/span><span style=\"font-weight:400;\">. Revenues climbed 80% y-o-y to EGP 33.3 bn. The strong bottomline growth came on the back of \u201chigher profitability across all business segments, coupled with higher FX gains that partially offset rising financing costs and [operating] expenses,\u201d the release read. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Revenues from the company\u2019s key wires and cables segment nearly doubled <\/span><span style=\"\">to record <\/span><span style=\"font-weight:400;\">EGP 17.9 bn during the quarter, accounting for 54% of total revenues. Turnkey project revenues were up 53% y-o-y to EGP 11.6 bn, accounting for 35% of the company\u2019s top line. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said: <\/span><span style=\"font-weight:400;\">\u201cOur top-line has maintained solid growth as a result of strategic planning and an export driven focus, as we continue to leverage our expansive geographic footprint,\u201d CEO Ahmed El Sewedy said. \u201cThis growth, coupled with efficiency measures, has resulted in improved profitability this quarter, as our agile business model allows us to capitalize on the double effect of exports and efficiencies.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Net income was down 14% on higher financing costs<\/p>\n","protected":false},"author":1,"featured_media":587800,"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":[7208],"tags":[409,152,72,354,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-elsewedy-electric","tag-enterpriseam","tag-palm-hills-developments","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"7f2f9bf0-283e-4507-8509-c1d14c2d8611","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1759.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Palm Hills Developments\u2019 revenues rise 22% in 1Q 2023","related_issue":[587780],"teaser":"Net income was down 14% on higher financing costs","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.e21b3aa7-4528-437b-80d0-e5a2b7fa1173.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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 &quot;EARNINGS WATCH&quot;","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":[]},{"id":577178,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/palm-hills-revenues-surge-to-egp-9-5-bn-in-9m-2022-up-62-y-o-y\/","url_meta":{"origin":587799,"position":1},"title":"Palm Hills revenues surge to EGP 9.5 bn in 9M 2022, up 62% y-o-y","author":"enterpriseam admin","date":"13 November 2022","format":false,"excerpt":"Palm Hills Developments reported record-high net income after tax and minority interest of EGP 911 mn in 9M 2022, up 43% y-o-y, the developer said in its earningsrelease(pdf). The record bottom line comes on the back of revenues reaching an all-time high during the nine-month period to EGP 9.5 bn,\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","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":[]},{"id":665395,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/18\/gb-corp-palm-hills-report-1q-earnings\/","url_meta":{"origin":587799,"position":2},"title":"GB Corp, Palm Hills report 1Q earnings","author":"enterpriseam admin","date":"18 May 2025","format":false,"excerpt":"GB Corp\u2019s revenues rose 86.1% y-o-y to EGP 16.8 bn during 1Q 2025","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/24.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555529,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/17\/earnings-watch-sodic-idh-palm-hills-mm-group-vodafone-egypt\/","url_meta":{"origin":587799,"position":3},"title":"Earnings Watch: SODIC, IDH, Palm Hills, MM Group, Vodafone Egypt","author":"enterpriseam admin","date":"17 November 2021","format":false,"excerpt":"Upmarket real estate developer SODIC saw a 75% drop in net income during 3Q2021 as revenues declined due to timing differences in deliveries compared to the same period last year, according to its quarterly earningsrelease (pdf). The company reported a bottom line of EGP 120 mn for the July-September quarter\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","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":[]},{"id":582247,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/phd-macro-group-report-strong-2022-results\/","url_meta":{"origin":587799,"position":4},"title":"PHD, Macro Group report strong 2022 results","author":"enterpriseam admin","date":"5 March 2023","format":false,"excerpt":"We\u2019re pushing deeper into 2022 earnings season this morning, with Palm Hills Developments reporting record high net income, revenues, sales in 2022 and Macro turning in double-digit top- and bottom-line growth despite the challenges of the past 12 months. PALM HILLS-Palm Hills Developments booked record-high net income after tax and\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","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":[]},{"id":548711,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/earnings-watch-efg-hermes-palm-hills-swvl\/","url_meta":{"origin":587799,"position":5},"title":"Earnings Watch: EFG Hermes, Palm Hills, Swvl","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"EFG Hermes\u2019 net income after tax and minority interest eased 15% y-o-y to EGP 344 mn in 2Q 2022 on higher taxes and minority interest after the consolidation of aiBank, according to its earnings release (pdf).The group\u2019s operating revenues rose 28% y-o-y to EGP 2.1 bn during the quarter, boosted\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/320.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587799","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=587799"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587799\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587780"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587800"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587799"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587799"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}