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FINANCIAL NEWS
Palm Hills Egypt net profit to reach 128 percent in Q4
07 Feb 2016
(MENAFN) Palm Hills, Egypt’s second-main property developer stated a 128 percent increase in Q4 net income to USD 25.9mn pounds from USD 11.35mn in the same period of 2014.
Moreover, the company recorded a 192 percent increase in net profit of USD 13.11mn pounds for the 2015 whole year, up from USD 44.98mn in 2014.
“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.
He also added: “Growth in pre-sales was fuelled by demand for primary housing as Egyptians continue to migrate from Cairo, heading west and east.”
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