Palm Hills Developments achieved new sales of EGP 10.7 bn in H1 2022, a 38% growth compared to EGP 7.7 bn in H1 2021, Invest-Gate reports.

Sales growth was largely driven by a 33% up in the number of units sold to 1,872 units in H1 2022 compared to 1,408 units sold in H12021.

Moreover, Badya project sees strong sales momentum in H1 2022, as it recorded a growth of 144% in new sales to reach EGP 3.1 bn (677 units) compared to EGP 1.2 bn in sales (357 units) in H1 2021.

During H1 2022, Palm Hills New Cairo, the company’s largest project in East Cairo, exhibited a growth of 209% in new sales reaching EGP 2.3 bn (361 units) compared to EGP 1.1 bn (125 units) in H1 2021.

Palm Hills Developments spent EGP 1.7 bn on construction activities in H1 2022, an increase of 25%, compared to EGP 1.4 bn in H1 2021. Additionally, the company delivered 643 units in H1 2022, a growth of 24% compared to 517 units delivered in H1 2021.

On June 30, 2022, the company’s revenue stood at EGP 6.9 bn, a remarkable growth of 73%. Gross profit amounted to EG 2.3 bn in H1 2022, a growth of 65%.

According to the company’s statement, the net profit after tax and minority interest reached EGP 558 mn, up 21% in H1 2022. Alike, the net debt levelled up to EGP 1.1 bn, while receivables stood at EGP 26 bn by end of H1 2022.