Palm Hills Development Company announced the establishment of a company in Saudi Arabia, and the appointment of Maged Sherif as its CEO starting from August, according to a statement to the Stock Exchange today.

Palm Hills previously recorded a net profit of EGP 1.05 billion during the period from January to the end of March 2024, compared to profits of EGP 256.52 million in the comparative period of 2023.

The company's sales increased during the first quarter of this year to EGP 6.22 billion, compared to sales of EGP 3.52 billion in the comparative quarter of 2023