Momentum maintained
Palm Hills’ (PHD) Q116 preliminary earnings release shows continued strong momentum in reservations (with full-year guidance increased) and revenues. Tax increased as anticipated (following the expiry of the tax exemption) as did minorities, both a drag on net profit. The momentum in the business seems consistent with our full-year forecasts, which are struck on an IFRS basis. We will review them when the Q1 IFRS results become available.Palm Hills Development is a real estate developer in the Egyptian market, developing primarily high-end residential real estate and resort projects. Co. has acquired parcels of land in strategic locations throughout Egypt and maintains a land bank consisting of over 37.7 million square meters of land. Co. has a roster of 32 projects located nationwide and in the region. Co.'s portfolio includes the development of integrated residential communities, commercial projects and tourism destinations. Co.'s projects in residential, commercial and destination tourism are focused on building in 3 directions: Co.'s diversified land bank, creative architecture, high quality delivery and upkeep.
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