PALM HISS DEVELOPMENTS 2من اصل2

including 2 billion Egyptian pound spent on such works under the
company’s policy to accelerate building rates. This policy aims to avoid the
inflation impacts on the costs of building and accelerate the rate of delivery.
Palm Hills spent 690 million Egyptian pound to pay the due installments of
plots of land.
Although the new accounting standards have been applied since the
beginning of 2016, the revenues jumped by 55o/o to reach 5.6 billion
Egyptian pounds. This new record of Palm Hills is attributed to the rise of
housing units delivery, quick completion of construction works and high
rates of sales of both current projects and latest ones.
Palm Hills’ combined financial statements during the fourth quarter of 2016
showed an increase in the net profits with 89% on an annual basis. The net
profits of Palm Hills for the three months ended in December 2016
reached 381 million Egyptian pound, compared with 201.6 million in the
same period of 2015. Palm Hills has the largest areas of land in Egypt and
several projects in the fields of housing, trade and tourism destinations.
Thus, the company has been growing with very high speed and meets
quality standards of infrastructure and services required by the local
market. Accordingly, Palm Hills maintains its position as the investor and
developer that promotes creating integrated and innovative urban
communities.