{"id":4007,"date":"2016-02-07T18:24:48","date_gmt":"2016-02-07T11:24:48","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=4007"},"modified":"2016-02-07T15:40:56","modified_gmt":"2016-02-07T08:40:56","slug":"egypts-palm-hills-reports-128-rise-in-q4-profit","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/egypts-palm-hills-reports-128-rise-in-q4-profit\/","title":{"rendered":"Egypt's Palm Hills reports 128% rise in Q4 profit"},"content":{"rendered":"


\n
\nPalm Hills, Egypt’s second-largest listed property developer, reported on Sunday a 128 per cent rise in fourth-quarter net profit to 203.5 million Egyptian pounds from 89.2m pounds in the same period in 2014.The company posted a 192 per cent rise in net profit of 1.03 billion pounds for the 2015 full year, up from 353.3m pounds in 2014.Its board of directors proposed its first cash dividend, 0.15 pounds per share, and a bonus shares issuance of one bonus share for each 20 shares held, the company said in a statement.
\n“Our pre-sales for the year have for the first time ever broken the 6 billion Egyptian pounds mark, recording 6.3 billion [pounds] with a growth of 61 per cent,” said chairman Yasseen Mansour.”Growth in pre-sales was fuelled by demand for primary housing as Egyptians continue to migrate from Cairo, heading west and east, as well as demand for secondary homes in the North Coast,” he added in the statement.
\nPalm hills posted revenues of 957.2m pounds in the fourth-quarter of 2015 versus 777.5m pounds in 2014. Revenues for the full year in 2015 stood at 3.56bn pounds compared to 2.1bn pounds in 2014.The company expects to spend 2bn pounds on construction in 2016 and achieve gross sales of 6.5bn pounds, delivering about 1,600 units.”We expect to reach an agreement with the Egyptian government for the co-development of a mixed use 42 million square metres in West Cairo during the first half of 2016,” said Mr Mansour.
\n“Moving forward, we are planning to return excess cash to shareholders with plans to distribute almost 30 per cent from annual free cash flows in the form of cash dividend to shareholders or share buyback, depending on market conditions.”business@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Egypt’s Palm Hills reports 128% rise in Q4 profit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Palm Hills, Egypt’s second-largest listed property developer, reported on Sunday a 128 per cent...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-4007","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-12D","jetpack-related-posts":[{"id":4081,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-schemes-help-egypts-palm-hills-to-break-sales-and-profit-records\/","url_meta":{"origin":4007,"position":0},"title":"New schemes help Egypt's Palm Hills to break sales and profit records","date":"February 7, 2016","format":false,"excerpt":"\r \r The Egyptian developer Palm Hills said property sales increased by 61 per cent last year to 6.3 billion Egyptian pounds (Dh2.95bn), surpassing a previous record of 5.5bn pounds set back in 2010.The company said that the growth in sales was a result of strong demand for new schemes\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13042,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/egypts-palm-hills-aims-to-set-up-shop-in-dubai\/","url_meta":{"origin":4007,"position":1},"title":"Egypt's Palm Hills aims to set up shop in Dubai","date":"May 14, 2016","format":false,"excerpt":"\r The Egyptian developer Palm Hills Development is planning to set up a base in Dubai.The company confirmed that its board has given the green light to establish a Dubai-based company, which will be used for \"any potential future project\/investment opportunity outside Egypt\".However, it declined to comment on future plans,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12018,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/housing-market-boom-boosts-emaar-misr-profit-by-47-per-cent\/","url_meta":{"origin":4007,"position":2},"title":"Housing market boom boosts Emaar Misr profit by 47 per cent","date":"May 5, 2016","format":false,"excerpt":"\r Emaar Misr posted a 47 per cent increase in first-quarter net profit as Emaar's Egyptian arm benefited from a housing market boom.Net profits for the three months to March 31 surged to 254.5 million Egyptian pounds (Dh105.2m) from 172.7m pounds in a year earlier, the company said in a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8132,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/devaluation-a-boon-for-egypts-property-market\/","url_meta":{"origin":4007,"position":3},"title":"Devaluation a boon for Egypt's property market","date":"March 16, 2016","format":false,"excerpt":"\r \r Egypt's currency devaluation will boost the property sector and the stocks of listed developers.In a research note, the Egyptian investment bank Naeem Brokerage said that all listed property companies should have an uplift in values following Monday's decision by Egypt's central bank to devalue the pound by 13\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53135,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/orascom-returns-to-profit-but-equity-weakens-due-to-currency-shifts\/","url_meta":{"origin":4007,"position":4},"title":"Orascom returns to profit but equity weakens due to currency shifts","date":"April 28, 2017","format":false,"excerpt":"\r A firmer grip on costs helped Orascom Construction move back into the black in 2016, with the company declaring a net profit of US$48.7 million last year, compared with a loss of $347.8m a year earlier. However, its balance sheet still took a hit from currency movements following the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9022,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/majid-al-futtaim-properties-reports-healthy-profit-increase\/","url_meta":{"origin":4007,"position":5},"title":"Majid Al Futtaim Properties reports healthy profit increase","date":"March 24, 2016","format":false,"excerpt":"\r \r Majid Al Futtaim Properties, a unit of the Dubai-based diversified conglomerate Majid Al Futtaim, posted a 27 per cent increase in net profit last year thanks to net valuation gain on land and buildings, and lower finance costs.MAF Properties' net profit attributable to equity holders rose to Dh3.5\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4007"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=4007"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4007\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=4007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=4007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=4007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}