Palm Hills Development Co on Tuesday posted a slight rise of 6% year-on-year in its consolidated profits for the first quarter of 2018, recording a net profit of EGP 224 million after tax and minority interest.
Revenue stood at EGP 1.5 billion in Q1-18 due to lower sales as fewer projects were launched and fewer units were delivered, Palm Hills added in a statement.
Total Sales narrowed to EGP 2.1 billion in the three-month period ended last March from EGP 3.5 billion in Q1-17.
The Egyptian leading property developer has netted EGP 55 million and EGP 159 million from the sales of units in Palm Hills Medical in West Cairo and the Lane Mall in West Cairo, respectively.
Palm Hills has delivered over 301 units in Hacienda Bay, Hacienda White 2, Palm Parks, Golf Views and Palm Hills Katameya, the statement said, pointing out that the company aims to hand over around 1,500 units in 2018.
The real estate developer has concluded the second securitization of receivables transaction in May 2018 with net proceeds of EGP 261 million, according to the statement.
The company is projected to complete the third transaction in Q3-18 for receivables portfolio of EGP 400 million.
Meanwhile, standalone profits shrank to EGP 41.27 million in Q1-18, versus EGP 119.10 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX).
Palm hills had previously reported a 19% year-on-year surge in consolidated profits for 2017, recording EGP 936.4 million from EGP 785.25 million.