Real estate company Palm Hills Development (PHD) recorded EGP 1.06bn of consolidated net profits, the company announced Sunday, a 185% increase compared to the previous year's profits. In 2014, consolidated profits of the company totalled EGP 373.3m. The company said at the time that an increase in land sales during 2014 has driven its revenues up by 74.2%, compared to the previous year, to reach EGP 2.1bn. The unconsolidated net profits amounted to EGP 775.7m in 2015, compared to EGP 280.9m in 2014. During the past year, the real estate company embarked on several new projects, such as acquiring a bridge loan agreement worth EGP 100m with Banque Misr and the Arab African International Bank (AAIB). In July, PHD and Madinet Nasr Housing and Development (MNHD) signed an agreement to develop a residential community in East Cairo. The area of the project is 433,643 sqm of land. The company said the project's predicted revenue is between EGP 4.6bn and EGP 5.5bn of which it is entitled to 64%. In November, the company agreed to cooperate with Reacap Financial Investments (REACAP), a subsidiary of Svreico Real Estate Investments, to develop a residential and commercial area in 6th of October's Smart Village. The project, which PHD will own a 51% stake in, has estimated revenues of between EGP 700m and EGP 800m.
