Palm Hills Developments, a Cairo-based real estate corporation led by Egyptian billionaire Yasseen Mansour, reported strong financial results in the first half of the 2024 fiscal year. The company’s revenue increased by 58 percent to more than $225 million from the same period in 2023, owing to an increase in new sales and unit handovers.
The group’s recent financial reports show that revenue increased from EGP6.92 billion ($142.6 million) in H1 2023 to EGP10.94 billion ($225 million) in H1 2024. This was aided by the delivery of 626 units across important developments, including Badya, Palm Hills New Cairo, Palm Hills Alexandria, and The Crown, compared to 538 units the previous year.
The strong revenue rise resulted in a notable increase in profitability, with the group’s profit rising from EGP608 million ($12.54 million) in H1 2023 to EGP1.7 billion ($35.1 million) in H1 2024. The profit margin increased to 16 percent, up from 9 percent the previous year, thanks to a positive sales mix and the handover of higher-margin units.
Palm Hills Developments’ Chairman, Yasseen Mansour, commented on the company’s financial achievements, saying, “In the first half of 2024, we have achieved significant milestones, including surpassing our FY2023 full-year figures in both sales and profitability.”
“This 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 the EGP110 billion-mark ($2.2 billion) as of Aug. 30, 2024, more than four-fold increase year-on-year,” reported Mansour.
Palm Hills, Egypt’s second-biggest publicly traded real estate corporation, is a part of Mansour Group, the country’s largest conglomerate. Yasseen Mansour owns 10.17% of Palm Hills, which develops integrated residential, business, and resort developments. The company is well-known for its high-quality projects and maintains a strong investment presence throughout Egypt.
The company’s strategic introduction of new projects and continued development efforts resulted in a 27.9 percent increase in asset base, from EGP74.3 billion ($1.53 billion) in H1 2023 to EGP95.03 billion ($1.96 billion) in H1 2024.
Shareholder equity also increased by 13.55 percent, going to EGP13.03 billion ($274.04 million) from EGP11.72 billion ($241.33 million) during the same period. This strong financial performance reinforces Palm Hills’ status as a key participant in Egypt’s real estate sector.