Egypt’s property developer Palm Hills Developments has posted a 37% hike in net profits, which reached EGP 640.2 mn in the first nine months of 2018 versus net profits of EGP 466.6 mn during the corresponding period last year, taking into account minority interests, Invest-Gate reports.

The company’s revenues for the same period of 2018 hiked to EGP 5.6 bn compared to EGP 4.7 bn in the first nine months of 2017, according to the company’s latest financial results on November 22.

During the same period, new sales (residential and commercial) amounted to EGP 9.8 bn, a growth of 21% YoY, while gross profit surged by a remarkable increase by 46% YoY  to log EGP 2.1 bn, the company adds.

Commenting on the results, Yasseen Mansour, the company’s chairman and CEO, said, “We are still gaining market share with 2,661 units sold during [the first nine months of 2018], a growth 56% YoY in the number of units sold compared to 1,709 units during [the same period].”

“We continue to lead the market in terms of the number of delivered units with 1,101 homes handed over during the period. We spent EGP 1.2 bn on construction and generated cash inflows from operations of EGP 3.8 bn,” Mansour was quoted as saying.

The growth was largely driven by strong uptake of recently completed units in Badya compound in west Cairo, demand for residential units in Palm Hills in New Cairo, in addition to a remarkable 183% growth YoY in commercial sales, which reached EGP 1.4 bn.