Palm Hills Developments Company (S.A.E) announced consolidated earnings results for the first quarter ended March 31, 2019. For the quarter, the company reported revenue of EGP 958,083,000 compared to EGP 1,465,453,000 a year ago. Operating profit was EGP 197,864,000 compared to EGP 375,073,000 a year ago. Net profit after tax was EGP 154,977,000 compared to EGP 242,133,000 a year ago.

The company remain confident about company's ability to catch up with the full year targets during the coming quarters. Accordingly, the company maintain full year 2019 guidance with new sales target of EGP 14 billion, which should lead to revenue in the range of EGP 7.5 billion, resulting in a gross profit margin of 38%, and net profit in the range of EGP 1 billion.