PALM HILLS DEVELOPMENT COMPANY
PHDC
Mergers and AcquisitionsPositive News
Palm Hills Developments Soars with EGP 1.6B Profit Surge and Strategic Acquisition
Palm Hills Developments reports a 26% profit surge to EGP 1.58B in 2023, fueled by record sales and strategic acquisitions, despite standalone revenue dips.
February 28, 2024 at 1:52:00 PMScore: 92
Palm Hills Developments Company (PHDC) reported a consolidated net profit of EGP 1.58 billion in 2023, a significant increase from EGP 1.25 billion in 2022. Revenues surged to EGP 17.46 billion, up from EGP 13.60 billion, with earnings per share (EPS) rising to EGP 0.535 from EGP 0.420. Fourth-quarter profits jumped 54% year-over-year to EGP 532 million, supported by a 53% revenue increase to EGP 6.17 billion. Despite standalone net profit dipping to EGP 928.16 million and revenues dropping to EGP 5.74 billion, the company secured approval to acquire El Mansour & El Maghraby’s stake in Sixth of October for Hotels and Tourism Services Company at EGP 2,893 per share. Executive Chairman Yasseen Mansour highlighted record sales of EGP 59.5 billion in 2023, driven by strong demand in key projects like Badya and North Coast developments.
Recommended Actions
- Consider buying PHDC stock on strong growth fundamentals
- Monitor integration of newly acquired tourism assets
- Track EPS trajectory for sustained profitability
- Evaluate sales momentum in key projects (Badya, North Coast)
- Review Q4 performance for seasonal investment opportunities
Positive Aspects
- 26% consolidated profit growth
- 53% Q4 revenue surge
- Record EGP 59.5B sales
- EPS increase
- Acquisition strengthens portfolio
Negative Aspects
- Decline in standalone net profit
- Drop in standalone revenues
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