CAIRO: Egypt’s real estate developer Palm Hills Development’s (PHD) said in a Monday statement to the Egyptian Exchange (EGX) that net sales (bookings) grew by 200 percent in 2014, amounting to 3.574 billion EGP in 2014 ($499.8 million.)
Palm Hills has signed net contracts worth 2.56 billion EGP over the past year, registering 257 percent growth, according to the statement.
“Total booking sales hit 3.94 billion EGP last year, marking 166 percent growth from a total of 1.479 billion EGP in 2013,” Palm Hills said in a statement posted Monday on the EGX website.
Last week, the Listing Committee of the EGX approved Palm Hills’ disclosure form, in order to complete capital increase procedures.
Palm Hills’ board approved an increase of its capital by 2.5 billion EGP ($350 million) to 6 billion EGP from 3.5 billion EGP currently, and its issued capital from 2.6 billion EGP to 4.3 billion EGP through offering 824 million shares at a nominal value of 2 EGP each, according to the EGX website.
The real estate developer said it plans to inject around 2.2 billion EGP in existing real estate projects during 2015. The company will allocate 1.7 billion EGP to residential projects and 500 million EGP to commercial projects, PHD announced.