Palm Hills Developments achieved new sales of EGP 26 bn in 2022, exceeding its EGP 20 bn target, Invest-Gate reports.

The company’s net profit after tax and minority interest surged 52% YoY to EGP 1.25 bn last year.

Revenue soared 76% YoY to EGP 13.6 bn in 2022, while net debt stood at EGP 1.5 bn.

The number of units sold grew 20% to 4,033 in 2022 from 3,350 in 2021.

Residential sales increased by 51% YoY to EGP 23.1 bn last year, while commercial sales jumped 44% YoY to EGP 2.9 bn.

Furthermore, the company’s ready-to-move inventory reaches a value of EGP 3.9 bn across a number of projects in West Cairo, East Cairo and North Coast by end of 2022.

Yasseen Mansour, Executive Chairman of Palm Hills Developments, says: “I am pleased with the announcement of our operational and financial results for the year ended December 31, 2022 where we have delivered record set of results, exceeded pre-COVID 19 performance levels and beat our targets and guidance for 2022 on almost all fronts.”

“I would like to thank my fellow Board members, Management team and all our employees for their hard work during last year and look forward to realizing our plans for FY2023,” Mansour states.