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Palm Hills Developments sold a quarter more property in the first half of this year than it did last year and earned less money doing it.
Revenue at the Cairo developer rose 25.4 percent to $391.5 million (19.53 billion Egyptian pounds) in the six months to June, while net income after tax and minority interest fell 7 percent to $45.3 million (2.26 billion pounds), according to the company's earnings release reported by EnterpriseAM.
The gap sits in the gross margin, which contracted to 35.5 percent from 42.8 percent a year earlier. Palm Hills attributed that to a greater share of revenue coming from lower-margin projects and units, and to higher construction and development costs.
The second quarter went better. Net income rose 17 percent to $21.25 million (1.06 billion pounds) as revenue jumped 42 percent to $204.1 million (10.18 billion pounds). Gross income increased 24 percent to $72.6 million (3.62 billion pounds), though the margin still narrowed, to 35.5 percent from 40.5 percent.
Egyptian developers have been raising prices to keep pace with construction inflation and successive devaluations, which lifts reported revenue while squeezing what reaches the bottom line. Palm Hills is delivering units contracted at earlier price points against costs incurred now.
The company is nonetheless expanding. It signed a co-development agreement with the Egyptian Kuwaiti Company in January covering 1.4 million square metres in West Cairo, a project it expects to generate $3.8 billion in sales. Palm Hills recorded $4.5 billion in contractual sales during 2025 against total assets of $3.6 billion, and holds a land bank of 38 million square metres across Egypt and the United Arab Emirates.
Yasseen Mansour has run the company since it started in 1997 and serves as chairman and group chief executive. He owns roughly 318.57 million shares, a holding most recently reported at 10.83 percent.
Forbes estimates his net worth at $1.4 billion and ranks him 20th among Africa's wealthiest people. That figure has moved considerably with Egypt's currency and property market, having stood at $1.2 billion in October 2025, roughly a third below his 2024 valuation.
He is one of three billionaire brothers. Mansour Group, founded by their father Loutfy in 1952 and now run by Yasseen alongside Mohamed and Youssef, is the exclusive distributor of General Motors vehicles and Caterpillar equipment in Egypt and several other markets, and holds the McDonald's franchise in the country. Yasseen joined Mansour Motors Group in 1986 after taking a degree at George Washington University, and later co-founded Mansour and Maghraby Investment Development, the vehicle that holds the family's controlling position in Palm Hills.
He also chairs Manfoods Egypt and Royal and Sun Alliance Egypt, sits on the boards of Mansour Group and the National Cancer Institute, and co-founded the Lead Foundation, a small business lending initiative established with the World Bank.
Palm Hills is Egypt's second-largest listed developer, behind Talaat Moustafa Group, which reported half-year net profit up 23 percent last week.
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