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Palm Hills Developments, a Cairo-based real estate firm led by Egyptian billionaire Yasseen Mansour, has delivered impressive financial results for its 2022 fiscal year, as its profits exceeded $40 million, consolidating its position in the real estate and property development market.
According to a report by Mubasher, the Yasseen Mansour-led property developer recorded a remarkable 50.7 percent surge in profits, rising from EGP856.06 million ($27.7 million) in 2021 to EGP1.29 billion ($41.7 million).
Palm Hills’ remarkable bottom-line growth for the 2022 fiscal year can be attributed to a significant surge in revenue, which increased from EGP7.71 billion ($250 million) to EGP13.6 billion ($440.5 million)—a staggering 76.4 percent increase.
The surge in revenue was driven by the recent devaluation of the Egyptian pound, which has made the country’s real estate market more attractive. Consequently, Palm Hills Developments reported strong sales figures, contributing to its impressive profitability exceeding $40 million.
Although Palm Hills Developments achieved an impressive profit of $41.7 million during the period under review, it could have potentially reached $50 million if not for the pressure from its costs and operating expenses.
Palm Hills shares drop over 4 percent on Egyptian Exchange this week
Palm Hills, which operates as a subsidiary of Mansour Group, one of Egypt’s largest conglomerates, is led by Mansour, a prominent Egyptian billionaire who holds a significant 5.22-percent stake in the Cairo-based real estate developer.
Despite its impressive financial performance in 2022, investors have remained unimpressed, as reflected in the company’s shares on the Egyptian Exchange, which have lost over 4 percent of their value this week.
The decline has seen the company’s market capitalization on the Egyptian Exchange drop below the $200-million threshold.
As of the time of writing, the company’s market capitalization is estimated to be EGP5.94 billion ($192 million), while Yasseen Mansour’s 5.22-percent stake is presently valued at EGP310 million ($10 million).
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