Egyptian real estate developer Palm Hills has quadrupled its net profits in the second quarter of 2015 and has recorded the highest first-half net profits in the company's history in the first half of 2015, according to the company's official statement released Thursday.
The earnings release indicated that the company's net profit in the second quarter of 2015 reached 431.2 million Egyptian pounds, growing 409 percent from the 84.7 million Egyptian pounds it reached during the same period last year.
In addition, its net profit in the first half of 2015 reached 646 million Egyptian pounds, growing 381 percent from last year. It is an all-time high that beat the historical record Palm Hills achieved in 2010 when profits reached 545 million Egyptian pounds.
Other notable highlights in the release included first half gross profits achieving a growth of 125 percent by reaching 626 million Egyptian pounds and the company's first half EBITDA increasing by 132 percent to record 459 million Egyptian pounds.
"By far, this marks a record quarter for the Company driven by robust real estate pre-sales, accelerated construction, backed by a healthy financial structure. Our balance sheet is in its strongest position ever," Palm Hills chairman Yasseen Mansour wrote.
"We continued our focus on enhancing the Company’s financial performance and position through an ongoing implementation of our four strategic pillars namely growth, earnings stabilization and diversification, improving profitability and expediting project delivery."
The Egyptian developer also attributed its success to a healthy real estate market in which its summer sales are going strong due to the high demand for its North Coast projects such as the recent launch of "Water Villas" project in Hacienda Bay, the successful North Coast resort built by the company.
Palm Hills Development, which was established in 1997, is Egypt's second biggest listed real estate property developer and currently has 18 projects across the country. It is a joint stock company that is traded on the Egyptian Stock Exchange and the London Stock Exchange.