The Clap
With a YoY sales increase of 62%, Palm Hills’ net profits reached EGP 295 million, 44% more than Q1-2021.
Profit drivers
The increase in sales came due to an increase in the number of units sold by 96% on an annual basis, reaching 959 units, compared to 488 units in Q1-2021. The increase in sales was also driven by the increase in selling prices.
The earnings report indicated the most contributing projects in sales, led by the Badya project, which grew by 308% year-on-year in terms of sales volume.
The number of delivered units increased from 344 units in Q1-2021 to 371 during Q1-2022.
To read Palm Hills’ earnings release, click here.
