{"id":640346,"date":"2024-08-25T00:00:00","date_gmt":"2024-08-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/25\/palm-hills-developments-net-income-nearly-doubles-y-o-y-in-2q-2024\/"},"modified":"2024-08-25T00:00:00","modified_gmt":"2024-08-25T00:00:00","slug":"palm-hills-developments-net-income-nearly-doubles-y-o-y-in-2q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/25\/palm-hills-developments-net-income-nearly-doubles-y-o-y-in-2q-2024\/","title":{"rendered":"Palm Hills Developments\u2019 net income nearly doubles y-o-y in 2Q 2024"},"content":{"rendered":"

Palm Hills Developments (PHD) saw its topline rise 39% y-o-y to EGP 4.7 bn in 2Q 2024<\/strong>, according to the developer\u2019s latest earning release (pdf)<\/a>. Net income after tax and minority interest nearly doubled, rising 97% y-o-y to record EGP 701 mn during the same period.<\/p>\n

An even better 1H 2024:<\/strong> For the first half of the year, PHD\u2019s revenues rose 58% y-o-y to EGP 10.9 bn. Meanwhile, the property developer\u2019s net income after tax and minority interest surged 180% y-o-y during the six-month period, standing at EGP 1.7 bn,<\/p>\n

Record-breaking sales:<\/strong> New sales hit an all-time high EGP 65.5 bn in 1H 2024, up 233% y-o-y \u201cfueled by North Coast, West Cairo and Badya sales.\u201d West Cairo sales grew 3x during the period to EGP 18.7 bn, making up 29% of the developer\u2019s total new sales for the six-month period.<\/p>\n

What they said: <\/strong>\u201cThis 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,\u201d executive chairman Yasseen Mansour said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The developer saw its net income rise 97% y-o-y to record EGP 701 mn during 2Q 2024<\/p>\n","protected":false},"author":1,"featured_media":640347,"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-640346","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":"8c4a9845-bd4c-4203-8760-920001ea92c5","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2082.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Palm Hills Developments\u2019 net income nearly doubles y-o-y in 2Q 2024","related_issue":[640337],"teaser":"The developer saw its net income rise 97% y-o-y to record EGP 701 mn during 2Q 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.24badf0d-f844-4ef0-badd-3ef1785fceae.mp3"},"yoast_head":"\nPalm Hills Developments\u2019 net income nearly doubles y-o-y in 2Q 2024 - 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\/2024\/08\/25\/palm-hills-developments-net-income-nearly-doubles-y-o-y-in-2q-2024\/\" \/>\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 net income nearly doubles y-o-y in 2Q 2024\" \/>\n<meta property=\"og:description\" content=\"The developer saw its net income 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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":587799,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/","url_meta":{"origin":640346,"position":1},"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 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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":640346,"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":604034,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/24\/palm-hills-developments-income-up-9-in-2q-revenues-flat\/","url_meta":{"origin":640346,"position":4},"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":591094,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/","url_meta":{"origin":640346,"position":5},"title":"SODIC + Mashreq earnings more than double in 2Q 2023","author":"enterpriseam admin","date":"31 July 2023","format":false,"excerpt":"SODIC\u2019s bottomline more than doubles in 2Q 2023: Upmarket real estate deve loper SODI C reported net income of EGP 148 mn in 2Q 2023, up 126% y-o-y, according to the company\u2019s latest earnings release (pdf). The company\u2019s revenues for the quarter dipped 7% y-o-y to EGP 1.42 bn. Over\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\/2023\/5\/164.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\/640346","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=640346"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640346\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/640337"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/640347"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=640346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=640346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=640346"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=640346"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=640346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}