The Palm Hills Development Company achieved a consolidated net profit of EGP 218m ($28.6m) in the first quarter (Q1) of 2015.
These figures compare to EGP 60.6m ($7.9m) during the same period last year, according to a statement submitted to the Egyptian Stock Exchange (EGX).
“The consolidated earnings during the first quarter rose by 259.5%,” the statement read.
Palm Hills achieved unconsolidated profit during the same period amounting to EGP 205m, compared to EGP 32.5m in Q1 of 2014.
Palm Hills co-CEO Tariq Abdel Rahman told Daily News Egypt that the company achieved sales amounting to EGP 1.35bn, adding that the sales doubled for high-profit projects during the Q1 of 2015.
Palm Hills’s capital shares in the EGX are more than EGP 3.4bn, in real estate development in new urban communities. The company’s issued and paid-up capital amounted to EGP 2.7bn, distributed over 1.3bn shares, with a bar value of EGP 2 per share, and EGP 2.5 per share for the trade price in EGX.
In February, the general assembly of Palm Hills Development approved increasing the company’s capital by EGP 1.648bn, from EGP 2.69bn to EGP 4.34bn.