The consolidated net profit of Palm Hills Developments jumped during the past year, achieving a growth of 16%, to reach about EGP 824.3m, compared to EGP 711.8m in 2020.
The company’s net revenues grew during 2021 to about EGP 7.7bn compared to EGP 5.2bn during the previous year.
Palm Hills attributed the sales growth during the year to the high demand for all of the company’s projects, led by Badya City, Palm Hills Al-Alamein, Palm Hills New Cairo, and Crown, supported by sales of commercial units, which amounted to EGP 2bn of total new sales, with an annual growth rate of 3%.
The company achieved new sales with a total of EGP 17.3bn compared to EGP 12.8bn during the previous year 2020, with a growth rate of 35% on an annual basis.
The company attributed the reasons for the growth in total sales to the increase in selling prices per square meter in various projects, accompanied by an annual growth equivalent to 82% in the number of units sold during the year, which amounted to 3,350 thousand units in 2021 compared to 1,840 units sold during the previous year.
The gross profit margin jumped last year to reach EGP 2.6bn compared to EGP 2bn during the previous year, a growth rate of 34%.
The net value of loans decreased during the past year to reach EGP 345m compared to loans amounted to EGP 639m at the end of 2020, while the balance of receipts amounted to about EGP 22.8bn.
Palm Hills invested EGP 2.5bn in construction and building works during 2021, compared to EGP 1.5bn during the comparison period, an increase of 67% on an annual basis, with the aim of accelerating the pace of business and delivering units to customers.
The company proposed a cash dividend of EGP 376.3m at EGP 0.10 per share.
