Yasseen Mansour’s Palm Hills Development declares revenue growth in H1 2021

Palm Hills Developments (PHD), a Cairo-based real estate company, has declared growth in its consolidated financial and operating results for the first half of 2021.

According to a report, PHD recorded a growth in primary and secondary home and commercial unit sales, resulting in a significant rise in the company’s earnings as it doubled year-over-year to EGP 4 billion ($254.51 million) in H1 2021.

The company’s new sales of 1,408 residential and commercial units grew revenue by 76 percent year-over-year to EGP 7.7 billion ($490 million) in H1 2021 compared to the 662 units sold during the same period last year.

Revenues jumped by 133 percent year-over-year to EGP 2 billion ($127.25 million) in Q2 2021, recording a year-over-year growth of 62 percent in new sales, which stood at EGP 4.3 billion ($27.36 million).

The year-over-year increase in delivered units, complemented by contributions from ready-to-move-in unit sales during the period, further accounts for the increase in the period under review.

Palm Hills Developments

PHD is a leading real estate company in Egypt, developing primarily integrated residential and commercial real estate and resort projects.

A subsidiary of Mansour Group, one of Egypt’s largest conglomerates, the company was founded in 2005. One of the Mansour businessmen brothers, Yasseen, chairs the board.

The company is listed on the Egyptian Stock Exchange and the London Stock Exchange. It trades under the symbols, “PHDC.CA,” and, “PHDC.LI,” respectively.