Egypt’s real estate developer Palm Hills Developments (PHD) posted a 3% rise in net profits after tax and minority interest in H1 2019, hitting EGP451 mn, Invest-Gate reports.

However, revenues declined 25% year-on-year (YoY) to stand at EGP 2.5 bn in H1 due to lower handed over residential units, according to the company’s consolidated financial results for the six-month period ended June 30, 2019. 

As for the company’s latest updates, a number of phases were finalized in under-development projects, including the completion of Palm Valley, where some homeowners already commenced their interior finishing. Woodville’s phases I-III were completed with ambitious plans to conclude phase IV by December, while Hacienda Bay is 100% completed, except forWater Villas phase, according to the statement. 

In the first six months of 2019, PHD handed over 452 properties in Woodville, Golf Extension, Golf Views, Palm Parks, Hacienda Bay, and Hacienda White 2. Besides, it delivered 49 units in Palm Valley in West Cairo ahead of schedule.

PHD plans to deliver around 100 units in Capital Gardens during Q4 2019, a couple of quarters ahead of planned handover schedule, it added.

In Q2 2019, the company’s net profit grew 44% YoY to hit EGP 310 mn, the financial results showed. As for Q1, PHD logged EGP 2.2 bn sales (residential and commercial), with 374 units sold in total, marking a 5% surge YoY that arisen notably from continued uptake of launched properties in Palm Hills Alexandria.