Palm Hills Development SAE, an Egyptian luxury real-estate developer, said its fourth-quarter profit more than doubled as sales surged.
The company said profit after minority interests jumped 128 percent to 204 million pounds ($26 million.) Property reservations grew 61 percent to a record 6.3 billion pounds in 2015, led by “strong demand” for new projects east of Cairo and Egypt’s north coast.
“Growth in pre-sales was fueled by demand for primary housing as Egyptians continue to migrate from Cairo, heading West and East, as well as demand for secondary homes in the North Coast,” Chairman Yassen Mansour said in the statement.
Gross sales increased 57 percent to 1.7 billion pounds. The company said it expects gross sales to reach 6.5 billion pounds in 2016. The board proposed a cash dividend of 0.15 pounds per share in addition to a bonus share for every 20 held.
The company’s shares fell 0.9 percent at 01:55 p.m. in Cairo, while the benchmark EGX 30 Index retreated 1.3 percent.