Egyptian property developer Palm Hills Developments (PHD) saw new sales jump 84% in the first half of 2023, boosting revenues, as demand strengthened across multiple projects, Invest-Gate reports.

New sales at PHD reached EGP 19.6 bn between January and June, driven by higher contracts at projects including Badya, Palm Hills New Cairo, Alexandria, and Hacienda West.

The second quarter posted the company’s strongest sales quarter ever at EGP 12.9 bn, up 150% year-on-year (YoY), it said in the results. Badya continues to lead sales with over EGP 10 bn in the first half, a 229% increase boosted by EGP 7.1 bn in Q2 sales.

Revenues held steady at EGP 6.9 bn for the period on the sales mix, with gross profit stable at EGP 2.3 bn and a 34% margin. Pre-tax earnings gained 9% to EGP 608 mn and operating cash flow increased.

Net debt rose to EGP 3.1 bn as construction spending accelerated to EGP 3.8 bn for infrastructure works to alleviate inflation pressures, exceeding full-year 2022 expenditure.

The results demonstrate solid demand for PHD properties is driving sales higher across multiple new launches and mature communities.