Egyptian developer Palm Hills targets $1.1bn in real estate sales this year

Egyptian developer Palm Hills targets .1bn in real estate sales this year

RIYADH: Egypt’s Palm Hills Development is targeting 20 Egyptian billion pounds ($1.1 billion) in real estate sales this year, co-CEO Hazem Badran told Asharq.

The company, which is the second-largest real estate firm listed on EGX30, achieved a 62 percent increase in its contractual sales to 5.5 billion Egyptian pounds last quarter.

This was coupled with a 44 percent profit jump on an annual basis to 295 million pounds and a 47 percent rise in sales to 2.9 billion pounds.

Badran revealed that prices of the company’s real estate units have surged 15 percent since the beginning of the year, adding that “it may witness an additional 5 percent increase in the coming months.”

He said the recent interest rate hike by the Egyptian central bank will have an impact on Palm Hills’ operations in the coming period.

The executive also disclosed that the company is looking to issue securitized bonds worth up to 2 billion pounds in the last quarter of 2022.