Palm Hills Developments (PHD) has announced its consolidated financial and operating results for the first half (H1) of 2021. The company's revenue doubled year-over-year (y-o-y) to record EGP 4bn in H1 of 2021, mainly due to growth in sales of primary and secondary homes as well as commercial units. The y-o-y increase in delivered units complemented by contribution from ready-to-move-in units sales during the period. Revenuesin the second quarter (Q2) of 2021 also grew 133% y-o-y to reach EGP 2bn. PHD's new sales (residential and commercial) grew 76% y-o-yto EGP 7.7bn in H1 of 2021, amounting to 1,408 units, compared to 662 units sold during the same period last year. During Q2 2021, new sales stood at EGP 4.3bn, a growth of 62% y-o-y. Sales growth was driven by steady improvements in home buying transactions across all operating regions with West Cairo as the largest contributor in terms of value and number of units sold. In July 2021, the Company launched sales in Hacienda West spreading 135 feddan in the North Coast, which continues to witness strong uptake during the summer season. Sales of commercial units reached EGP 849m during H1 of 2021, a growth of 74% Y-o-y. In Q2 2021, it recorded EGP313m, mostly due to the sale of retail space in Palm Hills Alamein Mall worth EGP 216m. Handovers stood at 517 units in H1 of 2021, an increase of 63% y-o-y. In H1 of 2021, the company had ready-to-move-in inventory worth EGP3.4 billion, across several projects in West Cairo, East Cairo and North Coast. PHD Chairperson Yasseen Mansour said that the company expects to start unit delivery in Bayda prior to year-end, almost one year ahead of contractual delivery dates. During H1 of 2021, PHD sold 1,408 units, with a growth of 113% y-o-y and delivered 517 units, an increase of 63% y-o-y. The company remained ahead of schedule in many projects including The Crown and Palm Hills New Cairo. He added that we are now in a sound position to tap the market for project financing, given the current low interest rate environment.
