Palm Hills announced its financial results for the third quarter of 2016 in a statement, reporting net profit after tax and minority interest of EGP 235 mn, up 59% year-on-year, exceeding the first two quarters of the year combined. Quarterly revenue was up 34% year-on-year to EGP 1.5 bn.

The company is said to have spent more than EGP 4.5 bn on construction since the beginning of 2014, and the company’s net sales grew 18%, with an increase in average selling prices by 38% for apartments, while the average selling price for land grew 27%. The company seeks to deliver more than 1,800 units this year.

Palm Hills Developments is also negotiating with NUCA to develop a plot of 6,000 acres in 6th of October City, according to the company’s Chairman Yassin Mansour, Al Borsa reported.

The company expects to finalize the contract by the end of this year to add another project to its portfolio.

The housing ministry previously signed a contract with Palm Hills and UAE developer Aabar Properties to develop the 6th of October project at a cost of EGP 150 bn. NUCA is expected to receive a total of 40% shares from the total revenues of the project.

The project will include commercial areas, residential units, and hotels, with construction expected to commence early in 2017, according to Palm Hills CEO Tarek Abdel Rahman.