Egyptian real estate developer Palm Hills Developments reports net profits after tax and minority interest of EGP 137 mn in the second quarter of 2017, an increase of 114% y-o-y from EGP 63.9 mn in the prior-year period, Invest-Gate reports.

“Despite the second quarter being usually the slowest in the year, new sales were supported by new launches in West Cairo and North Coast, demand for available sale inventory in projects nearing completion, coupled with strong uptake in recently-launched commercial developments in West Cairo,” Palm Hills Chairman Yasseen Mansour says.

Revenues grew 51% y-o-y to EGP 1.6 bn in Q2 of 2017 from EGP 1.08 bn in Q2 of 2016. New sales increased 85% y-o-y to EGP 5.6 bn in Q2 of 2017 from EGP 3 bn in Q2 of 2016.

In the first half of 2017, net profits after tax and minority interest rose 106% y-o-y to EGP 349 mn from EGP 169 mn in H1-16.

The developer achieved revenues of EGP 3.2 bn in H1 of 2017, up 49% year-on-year. Net new sales grew 156% year-on-year to EGP 2.5 bn.