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Palm Hills Developments Company SAE (PHDC.CA)

PHDC.CA on Cairo Stock Exchange

4.07EGP
17 Dec 2017
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£0.06 (+1.50%)
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Latest Key Developments (Source: Significant Developments)

Egypt's Palm Hills Developments Q3 profit falls
Thursday, 2 Nov 2017 

Nov 2 (Reuters) - PALM HILLS DEVELOPMENTS COMPANY SAE ::Q3 NET PROFIT AFTER TAX AND MINORITY INTEREST EGP 118 MILLION VERSUS EGP 235 MILLION YEAR AGO.Q3 REVENUE EGP 1.53 BILLION VERSUS EGP 1.49 BILLION YEAR AGO.NEW SALES FOR NINE MONTHS 2017 REACHED EGP 8.1 BILLION, GROWTH OF 44 PERCENT YOY.NINE-MONTH CASH INFLOW FROM OPERATIONS RECORDED EGP 3.5 BILLION, A GROWTH OF 65 PERCENT YOY.NINE-MONTH CONSTRUCTION EARNED VALUE STOOD AT EGP 1.7 BILLION.Q3 NET PROFIT HIT BY INCREASE IN LAND LIABILITIES, MINORITY INTEREST, INTEREST CHARGES AND EGP 25 MILLION ONE OFF HIT FROM DISCOUNTING OF RECEIVABLES.DESPITE FLOATATION OF EGYPTIAN POUND AND RESULTING INFLATION, CO STILL EXPECTS SALES GROWTH DURING REST OF FY 2017.  Full Article

Palm Hills gets lenders' approval on reduction of interest rates to bulk of existing debt
Sunday, 30 Jul 2017 

July 30 (Reuters) - PALM HILLS DEVELOPMENTS COMPANY :CONCLUDES NEGOTIATIONS WITH LENDING BANKS AND RECEIVES APPROVAL ON REDUCTION OF INTEREST RATES APPLICABLE TO BULK OF ITS EXISTING DEBT.INTEREST RATE ON EGP 2.4 BILLION SYNDICATED MEDIUM TERM LOAN TO BE REDUCED FROM 3.25 PERCENT OVER LENDING CORRIDOR RATE TO 1.75 PERCENT OVER LENDING CORRIDOR RATE.INTEREST RATE ON EGP750 MILLION SYNDICATED MEDIUM TERM LOAN TO DECREASE FROM 2.9 PERCENT OVER LENDING CORRIDOR RATE TO 1.9 PERCENT OVER LENDING CORRIDOR RATE.REDUCTION IN INTEREST RATES WILL RESULT IN TOTAL SAVINGS OF EGP 100 MILLION ON FINANCING COSTS TO CO OVER TENOR OF LOANS.  Full Article

Palm Hills gets NUCA approval for integrated residential community in West Cairo
Sunday, 18 Jun 2017 

June 18 (Reuters) - Palm Hills Developments Company Sae ::Receives New Urban Communities Authority's (NUCA) approval on co-development of integrated residential community spanning 12.6 million sqm in West Cairo.Co to be responsible for financing, construction, development, internal infrastructure, marketing and sales activities.NUCA will be contributing land bank in addition to all external associated infrastructure to boundaries of land.Project is planned for launch during 2018.NUCA to recieve cash revenue share of 26 percent, in-kind payment of up to 371k sqm of residential built up area (BUA), 50k sqm of commercial BUA.  Full Article

Palm Hills Developments commences monetization of receivables program
Sunday, 9 Oct 2016 

Palm Hills Developments Company Sae : Commences monetization of receivables program including the issuance of securitized bonds by up to 1 billion EGP . Bonds will have expected tenor of 5 years, will mainly target money market funds, local banks, insurance companies . Says transaction proceeds to be mainly utilized in refinancing existing debt, in form of non-recourse off balance sheet financing .First transaction seen closing in last quarter of 2016 for total consideration of EGP 350 mln-450 mln in receivables relating to delivered units in some of co’s projects.  Full Article

BRIEF-Egypt's Palm Hills Developments Q3 profit falls

* Q3 NET PROFIT AFTER TAX AND MINORITY INTEREST EGP 118 MILLION VERSUS EGP 235 MILLION YEAR AGO

No consensus analysis data available.