Egyptian Developer Palm Hills says Net Profit soars 332% in Q1

Egypt’s second biggest listed property developer, Palm Hills recorded a 332 percent growth in its first-quarter net profit.

In a statement released by the company on Tuesday, Palm Hills said it registered a first-quarter net profit after minority interests of 215 million Egyptian pounds ($28.2 million), up from 50 million in the same period last year.

Revenue stood at 742 million pounds versus 400 million.