Table of Contents
Key Points
- Palm Hills' revenue soared 55.6% year-over-year to $536 million, driven by increased unit sales and handovers across key developments, reinforcing its market position.
- Net profit more than doubled, rising 105.8% to $64.2 million, supported by strong operational efficiency, investment income, and controlled administrative costs.
- The company’s total assets expanded 66.1% to $2.44 billion, reflecting strong project execution and strategic growth initiatives in Egypt’s booming real estate sector.
Palm Hills Developments, led by Egyptian billionaire Yasseen Mansour, delivered an impressive financial performance for its 2024 fiscal year (FY 2024), with revenue soaring 55.58 percent year-on-year to over $535 million.
According to the group's financial results, revenue climbed by 55.58 percent from EGP17.46 billion ($344.51 million) in 2023 to EGP27.17 billion ($535.98 million) in 2024. The Cairo-based real estate firm attributed the growth to increased sales and higher unit handovers across key developments, including Badya, Palm Hills New Cairo, Palm Hills Alexandria, and The Crown.
Profits soar on strong revenue base
Thanks to its impressive top-line performance, Palm Hills saw its profit more than double, climbing 105.81 percent to EGP3.26 billion ($64.22 million) compared to EGP1.58 billion ($31.21 million) during the same full-year period in 2023.
This remarkable profit was supported by strong operating leverage and efficient financial management. Despite incurring EGP94.37 million ($1.86 million) in income tax, the company’s earnings per share (EPS) surged from EGP 0.534 ($0.0105) to EGP1.12 ($0.022), reflecting its robust financial growth and shareholder value expansion.
Additional income sources, including EGP530.79 million ($10.47 million) from investments and EGP457.26 million ($9.02 million) in credit interest income, strengthened the company’s revenue base. Controlled administrative and marketing costs also helped sustain profitability.
Strong asset growth highlights market leadership
Palm Hills, Egypt's second-largest listed real estate firm, is a subsidiary of Mansour Group, the nation's largest conglomerate. Yasseen Mansour holds a 10.17 percent stake in Palm Hills, which focuses on integrated residential, commercial, and resort communities. The company is renowned for its top-tier projects and has a strong investment presence across Egypt.
The firm’s strategic project launches and ongoing development activities fueled a 66.1 percent increase in its total assets, which soared from EGP74.3 billion ($1.47 billion) in 2023 to EGP123.44 billion ($2.44 billion) in FY 2024.
Retained earnings also saw a 45.42 percent increase, rising to EGP4.08 billion ($80.57 million) from EGP2.81 billion ($55.4 million) over the same period. This solid financial performance underscores Palm Hills’ position as a leading player in Egypt's real estate sector.
