Over the last 16 days, Egyptian billionaire Yasseen Mansour, chairman of Palm Hills Developments, has seen a significant boost in his fortune due to a prolonged surge in the company’s shares on the Egyptian Exchange.
Mansour’s stake in Palm Hills has increased by EGP161.55 million ($3.36 million) in the last 16 days, as local investors continue to strengthen their stakes in the Cairo-based real estate company.
From May 15 to June 20, Mansour’s share in the Cairo-based group increased from EGP897.48 million ($18.8 million) to EGP1.37 billion ($28.53 million), resulting in a $6.46 million gain.
Palm Hills Development, an operating company of Egypt’s largest conglomerate, the Mansour Group, is a well-known real estate developer with active operations across Egypt. The company creates integrated residential, commercial, and resort communities throughout Egypt.
Since June 24, the company’s shares have increased by 13.37%, from EGP4.04 ($0.0839) to EGP4.58 ($0.0959) as of the most recent market update. This surge has pushed Palm Hills’ market value past $280 million, resulting in significant returns for owners, including Mansour.
Mansour presently owns 10.17 percent of Palm Hills, which equates to around 299 million shares. With Palm Hills’ share price rising by double digits, Mansour’s holding has increased by EGP161.55 million ($3.36 million), from EGP1.21 billion ($25.17 million) on June 24 to EGP1.37 billion ($28.53 million).
Palm Hills Development shares have been standout performers on the EGX, with a staggering 72.18 percent year-to-date increase in local currency.
Despite these increases, the Egyptian pound’s depreciation versus the US dollar has reduced returns for international investors, resulting in a 10.78 percent year-to-date gain in dollar terms.
A $100,000 investment in Palm Hills since January 1 is now worth $110,782, representing a $10,782 gain due to currency movements.