Palm Hills Developments (PHD) approved last Thursday a securitisation issuance worth EGP 1.1bn, to be conducted by Sarwa Securitization Company. PHD achieved a net profit of EGP 495.51m in the first half (H1) of 2021, compared to the EGP 282.04m during the same period last year, taking into account minority rights. The profits of the parent company amounted to about EGP 461.42m in H1 2021, compared to the EGP 276.58m during the same period last year. The profits of non-controlling equity amounted to about EGP 34.08m in H1 2021, compared to the EGP 5.45m during the same period in 2020. Activity revenues increased during H1 2021 to EGP 4bn, compared to the EGP 2bn in H1 2020. At the level of independent businesses, the company's net profits fell to EGP 96.24m in H1 2021, compared to EGP 227.2m profits during the same period in 2020.
