In an interview with Al Arabiya, Palm Hills Developments CEO Hazem Badran attributed the company’s remarkable financial results year, in the third quarter of questyear, due to the seasonality of real estate sales and the concentration of sales in the north coast region in Egypt.
Badran explained that the company recorded, during the first nine months of questyear, the largest percentage of sales in the north coast, Alexandria and the new city of El Alamein, and this was reflected in an increase in total sales of 76% to around £ 13 billion, compared to a previous year during which the company suffered from some stagnation due to the pandemic.
He highlighted the good performance of the company in the areas east and west of Cairo, on the north coast and in Alexandria.
He said the general upswing in sales of primary or secondary homes (for summer holidays) has arrived Due to the recovery from the pandemicAnd because “Palm Hills” is the strongest competitor in the North Coast region, and the sales of a newly launched project are worth £ 1.7 billion, in addition to sales in the new town of El Alamein, which is receiving the attention of the state.
It revealed that most of the sales were destined for Egyptian buyers for use.
He explained that the increase in revenues of more than net profit comes from the fact that the profits are related to deliveries, which amount to about a thousand units, and as for the costs, the cost of goods sold has increased due to the jump. 77% annual sales value, including marketing expenses.
Interestingly, Palm Hills’ profits grew 22% in the first 9 months of 2021 compared to the same quarter last year to exceed £ 653 million and the company’s revenues grew 66% over the period to £ 5 billion and 890 million pounds, while new sales grew 76% to around 13 billion pounds.
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