{"id":616142,"date":"2024-02-29T00:00:00","date_gmt":"2024-02-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/palm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023\/"},"modified":"2024-02-29T00:00:00","modified_gmt":"2024-02-29T00:00:00","slug":"palm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/palm-hills-annual-earnings-up-26-in-2023-after-doubling-sales-in-2023-plus-tmg-income-up-44-in-2023\/","title":{"rendered":"Palm Hills\u2019 annual earnings up 26% in 2023 after doubling sales in 2023. PLUS: TMG income up 44% in 2023"},"content":{"rendered":"

It\u2019s been a good year for the real estate sector: <\/strong>Rises in both income and revenues last year, and the promise of more affordable construction materials as the pound strengthens alongside rumors of more Ras El Hekma-like projects to come seem to be persuading the industry that 2024 might be a bumper year for the sector.<\/p>\n

PALM HILLS RECORDS 26% IN 2023 Y-O-Y<\/p>\n

Real estate developer Palm Hills Developments saw its net income rise 26% y-o-y<\/strong>in 2023<\/strong> to EGP 1.6 bn amid a strong sales momentum within the company\u2019s existing projects portfolio and higher selling prices and delivery rates, the company\u2019s earnings release (<\/a>pdf<\/a>)<\/a> showed. New sales jumped 129% to EGP 59.5 bn and revenue increased 28% to EGP 17.5 bn.<\/p>\n

A solid quarter: <\/strong>The company logged a net income of EGP 532 mn in 4Q 2023, up 54% fromthe same quarter a year earlier. New sales rose 189% y-o-y to EGP 24.5 bn, while revenues increased 53% to EGP 6.2 bn.<\/p>\n

Around 25% of sales in 2023 were from Egyptian expats and customers from other<\/strong> Arab countries<\/strong>, who were attracted by currency devaluations that reduced the price point of units brought with FX, Palm Hills Chairman Yassin Mansour told Asharq Business<\/a>.<\/p>\n

Palm Hills shows little sign of slowing down: <\/strong>\u201cWe are still adopting the strategy of accelerated construction spending and speeding up the execution pace across our key projects, to hedge from cost inflation,\u201d said Palm Hills Executive Chairman Yasseen Mansour. \u201cIn fiscal year 2023, we spent more than EGP 7.5 bn both on commercial and residential projects and we plan to continue spending in fiscal year 2024.\u201d<\/p>\n

\n

TMG BOTTOM LINE UP 44% IN 2023 AND STOCKS UP 588% IN ONE YEAR <\/p>\n

Record sales boost TMG Holdings\u2019 bottom line:<\/strong> Talaat Moustafa Group Holding\u2019snet income rose 44% y-o-y in 2023 to EGP 3.3 bn on the back of record breaking contractual real estate sales, which surged to EGP 142.7 bn, the company said in a disclosure<\/a>(<\/a>pdf<\/a>)<\/a>. Revenues increased 43% y-o-y to EGP 28.4 bn in 2023.<\/p>\n

TMG stocks have<\/strong> skyr<\/strong>ocketed on the back of high-profile acquisitions: <\/strong>Shares in the real estate giant currently stand at EGP 66.00, up 588.4% in 12 months. The acquisition of 51% of the government\u2019s Legacy Hospitality \u2014 a group of seven of historic hotels \u2014 through it\u2019s Icon Investments subsidiary and its more recent involvement<\/a> with the mammoth USD 35 bn Ras El Hekma have boosted investor confidence in the group.<\/p>\n

Shareholders to get a slice of the earnings:<\/strong> TMG is paying out a dividend of EGP0.218 per share in two equal installments. The first installment will be paid on or before 31 May, while the second installment will be paid on or before 31 July.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s revenue jumped 28% y-o-y to EGP 17 bn<\/p>\n","protected":false},"author":1,"featured_media":616143,"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":[409,72,354,83,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616142","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","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"5e16622e-c832-4c55-b531-ef7f7f31fb8a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2794.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Palm Hills\u2019 annual earnings up 26% in 2023 after doubling sales in 2023. 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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":[]},{"id":582247,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/phd-macro-group-report-strong-2022-results\/","url_meta":{"origin":616142,"position":2},"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":604034,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/24\/palm-hills-developments-income-up-9-in-2q-revenues-flat\/","url_meta":{"origin":616142,"position":3},"title":"Palm Hills Developments\u2019 income up 9% in 2Q, revenues flat","author":"enterpriseam admin","date":"24 August 2023","format":false,"excerpt":"The company reported record new sales during the quarter after it hiked prices by up to 70%","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\/8\/1107.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":705128,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/24\/palm-hills-and-oriental-weavers-post-their-1q-2026-earnings\/","url_meta":{"origin":616142,"position":4},"title":"Palm Hills and Oriental Weavers post their 1Q 2026 earnings","author":"enterpriseam admin","date":"24 May 2026","format":false,"excerpt":"Palm Hills\u2019 1Q 2026 net income fell 21.7% on base effect, while Oriental Weavers\u2019 net income rose 62% y-o-y to EGP 893 mn","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":544529,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/","url_meta":{"origin":616142,"position":5},"title":"Housing and Development Bank, Palm Hills report rise in net income","author":"enterpriseam admin","date":"8 March 2022","format":false,"excerpt":"Housing and Development Bank\u2019s (HDB) net income rose 5% in 4Q 2021 to EGP 396 mn, according to the bank\u2019s latest earnings release (pdf). 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