Egypt’s developer Palm Hills first-half net profits down 38.7%

Egypt’s property developer Palm Hills reported on Tuesday a 38.7 percent drop in its net profits during the first half of the current year, recording 276.585 million Egyptian pounds ($17.4 million).

Earlier, profits registered 451.47 million pounds during the first half of 2019.

Revenues declined 20 percent to 2.008.212 billion pounds during the first six months of this year, compared with 2.515.075 billion pounds during the same period of last year.

As for standalone business, first-half net profits fell to 227.224 million pounds against 291.056 million pounds during the same period in 2019.

Standalone net revenues also reduced to 1.150.897 billion pounds from 1.404.944 billion pounds during the first half of last year.