CAIRO: Egypt’s real estate developer Palm Hills Development’s (PHD) said Tuesday that net profits surged to 214.7 million EGP ($28 million) after minority interests in the first quarter of 2015, marking a 332 percent hike from 49.72 million EGP in the same period last year.
Revenues jumped 85 percent to hit 741.82 million EGP in Q1, compared to 400.4 million in the same period a year earlier, Palm Hills stated Tuesday to the Egyptian Exchange (EGX.)
In 2014, the company posted 3.574 billion EGP net sales (bookings,) while total booking sales hit 3.94 billion EGP last year, marking 166 percent growth from a total of 1.479 billion EGP in 2013.
Earlier this month, Palm Hills and Madinet Nasr Housing (MNHD) signed a memorandum of understanding (MOU) to develop a real estate project over a 433,643 square meter (sqm) land plot owned by MNHD.
The project will be implemented over a part of Madinet Nasr Housing’s (MNHD) KM45 project, and will be close to the new Cairo Capital project launched at the Egypt Economic Development Conference in March.
Under the agreement, PHD will bear the construction and marketing costs, in addition to offering a detailed master plan for the project in return for 64 percent revenue share, while MNHD will get 36 percent as will contribute the land and bear the main infrastructure networks’ costs.