By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    HDB targets 25% growth in profits, various activities by 2023-end: CEO
    HDB targets 25% growth in profits, various activities by 2023-end: CEO
    June 4, 2023
    Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
    Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
    June 4, 2023
    146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
    146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
    June 4, 2023
    Al Ahly Pharos tops brokerage ranking in May
    Al Ahly Pharos tops brokerage ranking in May
    June 4, 2023
    Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
    Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
    June 4, 2023
  • Politics
    PoliticsShow More
    Iranian, Saudi FMs meet on bilateral ties
    Iranian, Saudi FMs meet on bilateral ties
    June 4, 2023
    Egypt’s PM inspects service, development projects in Alexandria
    Egypt’s PM inspects service, development projects in Alexandria
    June 4, 2023
    FM Shoukry attends inauguration ceremony of Turkish President
    FM Shoukry attends inauguration ceremony of Turkish President
    June 3, 2023
    1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting
    1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting 
    June 3, 2023
    India train crash kills at least 207, injures hundreds 
    India train crash kills at least 207, injures hundreds 
    June 3, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Palm Hills plans to deliver 500 units of Badia project this year
Share
Notification
Latest News
HDB targets 25% growth in profits, various activities by 2023-end: CEO
HDB targets 25% growth in profits, various activities by 2023-end: CEO
Banking
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Banking
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
Banking
Al Ahly Pharos tops brokerage ranking in May
Al Ahly Pharos tops brokerage ranking in May
Business
Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Palm Hills plans to deliver 500 units of Badia project this year
Business

Palm Hills plans to deliver 500 units of Badia project this year

Shaimaa Raafat
Last updated: 2022/06/02 at 12:06 AM
By Shaimaa Raafat 4 Min Read
Share
Palm Hills plans to deliver 500 units of Badia project this year
SHARE

Palm Hills Development and Reconstruction plans to deliver more than 500 units in the Badia project during 2022, and the project will become the largest contributor to its sales.

Yassin Mansour, CEO of the company, said: “We spent EGP9 30m on construction activities during 1Q 2022, a growth of 36% YoY, as we maintain our steady focus on increasing construction spending to hedge against any unforeseen cost inflation in the coming quarters.

Badya continued to progress in terms of new sales, construction and handover momentum. Sales in Badya grew by a remarkable 308% YoY to reach EGP 1.9bn with 428 units sold during 1Q 2022. We are planning to deliver more than c.500 units in Badya during 2022 and expect Badya to be the largest contributor to this year’s sales.

During 1Q 2022, the Company successfully concluded its first Islamic Sukuk issuance of c.EGP 3.25bn with the objective of further strengthening Badya’s funding.

The Company’s net debt stood at EGP 333m in 1Q 2022, the lowest level in the Company’s history. Receivables reached EGP 25bn in 1Q 2022, covering net debt 73 times. Net debt/EBITDA stood at 0.6 times in 1Q 2022.

Despite various macro and geopolitical challenges around the globe, the company is still confident that it will achieve FY2022 announced operational and financial targets. Real Estate has always been and will continue to be a primary hedging tool against inflation even during periods with attractive interest rates.

New sales (Residential and Commercial) grew by a remarkable 62% YoY to EGP 5.5bn in 1Q2022, up from EGP 3.4bn during the same period last year. Sales growth was mostly driven by a 97% YoY increase in the number of units sold, which recorded 959 units in 1Q2022 compared to 488 units sold during the same period last year, complemented by the YoY increase in average selling prices per sqm across all projects. Commercial new sales reached EGP 853m during 1Q 2022, an increase of 59% YoY, due to the strong uptake in Palm Hills New Cairo’s launched commercial offerings and Village Gate Mall in East Cairo, alongside healthy momentum in the Crown Central Mall in West Cairo.

Badya continued to witness strong sales momentum during FY2022, as it recorded a remarkable growth of 308% YoY to reach EGP 1.9bn in 1Q2022, translating into 428 units sold during the quarter, up from EGP 467m (137 units) during the comparable period.

Palm Hills New Cairo, the Company’s second largest project, exhibited a growth of 129% YoY in new sales during 1Q 2022 amounting to EGP 1.24bn (228 units), compared to EGP 539m (59 units) during the same period last year.

The Company spent EGP 930m on construction activities in 1Q 2021, compared to EGP 681m during the same period last year, an increase of 36% YoY, in line with the Company’s plans to spend more than EGP 3.4bn during FY2022.

The value of ready to move inventory (completed units) stood at EGP 3.8bn across several projects in West Cairo, East Cairo and North Coast in 1Q 2022.

You Might Also Like

HDB targets 25% growth in profits, various activities by 2023-end: CEO

Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank

146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023

Al Ahly Pharos tops brokerage ranking in May

Beltone Leasing signs EGP 500m sale-and-leaseback agreement With Hassan Allam Properties

TAGGED: Palm Hills
Share this Article
Facebook Twitter Email Print
Previous Article The Marketers League seventh round finale ended with a huge success The Marketers League seventh round finale ended with a huge success
Next Article Mohamed Omran FRA, CBE working on alternative financing law, expects market capital to reach EGP 2.6trn: FRA Head
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

HDB targets 25% growth in profits, various activities by 2023-end: CEO
HDB targets 25% growth in profits, various activities by 2023-end: CEO
Banking
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Bank ABC Egypt sees 158% profit growth in 1Q 2023, after merging with BLOM Bank
Banking
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
146% growth in net profit of Attijariwafa bank Egypt reaching EGP 434.5m in 1Q 2023
Banking
Al Ahly Pharos tops brokerage ranking in May
Al Ahly Pharos tops brokerage ranking in May
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?