Egyptian Billionaire Yasseen Mansour’s Palm Hills Reports $51.1 Million Profit in 2023

Palm Hills Developments, Cairo’s top real estate corporation led by Egyptian billionaire Yasseen Mansour, reported a total profit of $51.1 million for the fiscal year 2023.

According to the company’s recently announced financial figures, Palm Hills earned a total profit of $51.1 million in the fiscal year 2023, a considerable 25.9 percent rise over the previous year – a significant accomplishment in the face of global economic uncertainty.

The company’s net operating sales increased significantly from EGP13.6 billion ($440.15 million) in 2022 to EGP 17.46 billion ($565.13 million) in 2023, which explains the spike in profits. Despite persistent economic issues, Palm Hills had increased demand for real estate assets, which was driven by urbanization and a greater need for housing.

Palm Hills performed admirably in 2023 under the leadership of Mansour, who owns 5.22% of the company. Mansour, the executive chairman, acknowledged his happiness with the results, saying, “I am pleased to present another set of very good financial and operational performance. This was a year of execution for our organization; with everything we accomplished in 2023, combined with our strategy, we have a stronger foundation for 2024.

Mansour emphasized the company’s record-breaking new sales of EGP59.5 billion ($1.92 billion), representing a year-on-year gain of 129 percent. This excellent success was driven by continuous momentum in current projects like as Badya, North Coast developments, Palm Hills New Cairo, and Palm Hills Alexandria, as well as a significant increase in Ready-to-Move unit sales across all projects.

Palm Hills Developments, a subsidiary of Mansour Group, is strengthening its position in the real estate and property development industries with a wide portfolio of active assets, focusing in residential, commercial, and resort communities. The strong financial results demonstrate the company’s tenacity and strategic insight in managing a difficult economic environment.



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