Cairo – Mubasher: Palm Hills Development reported 380.5% jump in net profits for the first six months of 2015.
The company's half-year profits reached EGP 646 million ($82.8 million), compared with EGP 134.44 million for the same period of 2014.
The real estate developer posted EGP 1.5 billion in revenues in the first half of 2015, a rise from EGP 841.7 million for the same period of the previous year.
"The company currently enjoys solid financial position following its recent capital hike with total amount of EGP 1.65 billion, distributed across 824 million shares," said Yaseen Mansour, Chairman and Managing Director.
The company's strong financial position will support it to implement its expansion plans within the next 12 months, added Mansour.
