{"id":4081,"date":"2016-02-07T18:24:48","date_gmt":"2016-02-07T11:24:48","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-schemes-help-egypts-palm-hills-to-break-sales-and-profit-records\/"},"modified":"2016-02-08T20:32:41","modified_gmt":"2016-02-08T13:32:41","slug":"new-schemes-help-egypts-palm-hills-to-break-sales-and-profit-records","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-schemes-help-egypts-palm-hills-to-break-sales-and-profit-records\/","title":{"rendered":"New schemes help Egypt's Palm Hills to break sales and profit records"},"content":{"rendered":"


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\nThe 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 launched during the year in east Cairo and along Egypt’s North Coast.Contracted revenue for the year increased by 69 per cent to 3.6bn pounds and net profit was up by 192 per cent to 1bn pounds, which it said was almost double its historical profit record of 545 million pounds – also posted in 2010.
\nProfit for the fourth quarter of the year increased to 203.5m pounds – up by 128 per cent on the 89.2m pounds achieved in the final quarter of 2014. This was boosted by a one-off gain of 75.7m pounds, which is understood to have come from the settlement of land liability claims by the Egyptian government’s New Urban Communities Agency (Nuca).Palm Hills also said that the number of units delivered during the year increased by 60 per cent year-on-year to 1,573 – up from 981 in 2014 as a result of a 1.9bn pound accelerated construction works programme.
\nThe company’s chairman, Yasseen Mansour, said that growth in the number of pre-sold homes “was fuelled by the 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 said that the company had achieved a record quarter of pre-sales in east Cairo, where it booked 889m pounds – 628m pounds of which came at its Capital Gardens project.
\nPalm Hills also pointed to a much stronger balance sheet, which is partly thanks to last year’s 1.62bn pound rights issue, but also the 4.4bn pounds worth of contracted sales achieved during the year. It announced a cash dividend of 0.15 pounds per share and the issue of one bonus share for every 20 owned. Harshjit Oza, an analyst with Egypt’s Naeem Brokerage, described the dividend as “a good surprise”.
\n“This is something they intend to do every year – distribute roughly 30 per cent of the free cash flow as dividends,” he said. In the second half of 2015, Palm Hills signed a deal with NUCA to jointly develop a 2.1 million square metre plot of land in east Cairo under a revenue-sharing deal. It appointed SWA Group as the architect to develop a master plan for the site last month.Mr Mansour said that it is planning to launch sales at this site in the third quarter of 2016 and that it expects to reach a another deal with Nuca for a project in west Cairo in the first half of the year. This 42 million sq metre site is expected to be the site of a major, mixed-use scheme.
\nPalm Hills is targeting gross sales of 5.6bn pounds and construction spending of 2bn pounds as it attempts to hand over a further 1,600 units by the end of this year.”They are doing quite well,” said Mr Oza. “They’ve signed a few deals with the government and private developers to boost their land bank and they’re being quite aggressive. They have been aggressive before the revolution also but at that time the balance sheet was highly leveraged. Now the balance sheet is improved it gives them more flexibility and more power to grow.”
\nmfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…New schemes help Egypt’s Palm Hills to break sales and profit records<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Egyptian developer Palm Hills said property sales increased by 61 per cent last...<\/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-4081","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\/p75ss1-13P","jetpack-related-posts":[{"id":4007,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/egypts-palm-hills-reports-128-rise-in-q4-profit\/","url_meta":{"origin":4081,"position":0},"title":"Egypt's Palm Hills reports 128% rise in Q4 profit","date":"February 7, 2016","format":false,"excerpt":"\r \r Palm 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\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":4081,"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":4081,"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":4081,"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":4081,"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":35322,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/profits-at-beisix-help-to-shore-up-orascoms-third-quarter-results\/","url_meta":{"origin":4081,"position":5},"title":"Profits at Beisix help to shore up Orascom's third-quarter results","date":"November 22, 2016","format":false,"excerpt":"\r Orascom Construction reported a 6.1 per cent increase in third-quarter profits attributable to shareholders to US$26 million, which was due mainly to an improved performance by contractor Besix \u2014 in which it has a 50 per cent share.The Egyptian-headquartered company, whose shares are listed on Nasdaq Dubai, reported a\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\/4081"}],"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=4081"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4081\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=4081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=4081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=4081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}