Palm Hills’ net profit slumps 50% in Q3

CAIRO – 2 November 2017: Net profit of Palm Hills Development Company was hardly hit by increases in financial costs, as it crashed 49.9 percent in the third quarter (Q3) year-on-year to stand at LE 188 billion ($10.7 billion), the local real estate company announced Thursday.

In a statement to the Egyptian Exchange, Palm Hills said that the figure is compared to a net profit of LE 235 billion in Q3 2017.

Gross profit of the company in Q3 increased by 2.7 percent year-on-year to reach LE 530.5 million.

The second largest real estate developer in Egypt posted LE 8.1 billion in sales in the first nine months of 2017, recording a 44 percent growth year-on-year.

In the first half of 2017, Palm Hills’ net profits reached LE 349 million, compared to LE 169 million in the same period a year ago.