{"id":604034,"date":"2023-08-24T00:00:00","date_gmt":"2023-08-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/24\/palm-hills-developments-income-up-9-in-2q-revenues-flat\/"},"modified":"2023-08-24T00:00:00","modified_gmt":"2023-08-24T00:00:00","slug":"palm-hills-developments-income-up-9-in-2q-revenues-flat","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/24\/palm-hills-developments-income-up-9-in-2q-revenues-flat\/","title":{"rendered":"Palm Hills Developments\u2019 income up 9% in 2Q, revenues flat"},"content":{"rendered":"

Palm Hills Developments\u2019 (PHD) revenues remained <\/strong> flat at EGP 6.9 bn <\/strong> in 1H <\/strong> 2023<\/strong>, according to the real estate developer\u2019s earnings<\/a> release (pdf<\/a> )<\/a>. Net income after tax and minority interest increased 9% y-o-y to EGP 608 mn. Revenues remained unchanged \u201cas the majority of sales in 1H 2023 were apartments that will be recognized as revenue once delivered,\u201d PHD writes. <\/p>\n

Record sales: <\/strong>The company\u2019s decision to hike prices saw new sales hit an all-time high of EGP 12.9 bn in 2Q 2023, an increase of 150% y-o-y, despite lower volumes, according to the release. West Cairo projects dominated new sales. \u201cWe have increased our selling prices 60-70% over the past year to price-in the increases in the prices of construction materials and the rise in interest rates,\u201d PHD co-CEO Hazem Badran told CNBC Arabia (watch, runtime: 11:42<\/a>). New sales for the first half of the year increased 84% y-o-y to EGP 19.6 bn even as the number of units sold slipped 10% to 1,688.<\/p>\n

Rising expenses: <\/strong> Higher interest rates helped the company\u2019s financing costs doubleto EGP 627.7 mn while construction spending rose 123% to EGP 3.8 bn \u2014 more than it spent on construction in all of 2022 \u2014 after it struck several bulk agreements to secure inputs highly exposed to the USD, the company said.<\/p>\n

What\u2019s next: <\/strong> \u201cWe expect 3Q 2023 to maintain strong sales momentum, evidence seen after several successful launches in the North Coast and steady sales pace across the rest of our projects since the beginning of the quarter,\u201d said Executive Chairman Yasseen Mansour. \u201cWe remain confident in the ability of our company to accommodate the current uncertainties.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The company reported record new sales during the quarter after it hiked prices by up to 70%<\/p>\n","protected":false},"author":1,"featured_media":604035,"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":[409,72,354,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-palm-hills-developments","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"f3216fe7-8c31-48f8-825f-4110ac6045f9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1107.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian real estate player Palm Hills Developments\u2019 income up 9%, revenues stay flat","related_issue":[604022],"teaser":"The company reported record new sales during the quarter after it hiked prices by up to 70%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.388ccec0-7f2a-4c99-b5c0-7f3935d3e289.mp3"},"yoast_head":"\nPalm Hills Developments\u2019 income up 9% in 2Q, revenues flat - 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\/2023\/08\/24\/palm-hills-developments-income-up-9-in-2q-revenues-flat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Palm Hills Developments\u2019 income up 9% in 2Q, revenues flat\" \/>\n<meta property=\"og:description\" content=\"The company reported record new sales 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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 "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\/2022\/8\/320.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":640346,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/25\/palm-hills-developments-net-income-nearly-doubles-y-o-y-in-2q-2024\/","url_meta":{"origin":604034,"position":1},"title":"Palm Hills Developments\u2019 net income nearly doubles y-o-y in 2Q 2024","author":"enterpriseam admin","date":"25 August 2024","format":false,"excerpt":"The developer saw its net income rise 97% y-o-y to record EGP 701 mn during 2Q 2024","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\/2024\/8\/2082.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587799,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/","url_meta":{"origin":604034,"position":2},"title":"Palm Hills\u2019 revenues up 22% in 1Q 2023","author":"enterpriseam admin","date":"1 June 2023","format":false,"excerpt":"Net income was down 14% on higher financing costs","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\/2023\/5\/1759.jpg?fit=%2C&ssl=1&resize=350%2C200","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":604034,"position":3},"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 "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":[]},{"id":546945,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/palm-hills-net-income-rises-44-in-1q-2022\/","url_meta":{"origin":604034,"position":4},"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":[]},{"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":604034,"position":5},"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 "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\/604034","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=604034"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604034\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604022"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/604035"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604034"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604034"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}