Latest news with #PHDC
Zawya
16-05-2025
- Business
- Zawya
Egypt: Palm Hills' consolidated profits climb 53.65% YoY in Q1 2025
Egypt - Palm Hills Development Company (PHDC) reported a 53.65% year-on-year (YoY) increase in consolidated net profits after tax for the first quarter (Q1) of 2025, registering EGP 1.539 billion, versus EGP 1.002 million, as per a filing. The real estate development company's operating revenues amounted to EGP 8.392 billion in Q1 2025, compared to EGP 6.228 billion in the same quarter a year earlier. The firm has incurred standalone net losses after tax totaling EGP 367.634 million during the January-March period this year, versus profits worth EGP 160.624 million in the first three months of 2024. Palm Hills is an Egypt-based company that focuses on real estate investment in new cities and urban communities, land reclamation and cultivation, and other activities associated with the company's operations. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
03-04-2025
- Business
- Zawya
Ghana's Petroleum Hub Development Corporation (PHDC) Joins Accra Investor Briefing Amid Efforts to Establish Integrated Petroleum Hub
Dr. Toni Aubynn, CEO of Ghana's Petroleum Hub Development Corporation (PHDC), has joined the Invest in African Energies: Accra Investor Briefing – taking place on April 14, 2025 at the Kempinsky Hotel – to discuss the country's progress towards becoming an integrated petroleum hub in West Africa. During the event, Dr. Aubynn will outline development strategies, investment avenues and petroleum market trends, underscoring the value of investing in Ghana's growing oil and gas value chain. Expecting to launch 17 oil and gas projects by 2027, Ghana is prioritizing investments across the entire hydrocarbon value chain to meet rising domestic demand, increase revenue generation and unlock greater value from the petroleum sector. Strategically located and with over 1.1 billion barrels of proven oil reserves and 2.1 trillion cubic feet of natural gas, the country is well-positioned to become a regional hub for petroleum. Ghana's PHDC strives to position the country as an integrated hub in West Africa. Established under the Petroleum Hub Development Corporation Act, 2020, the company promotes the development of a petroleum and petrochemical hub in Ghana, leveraging innovative technology to develop a value chain that create economic linkages and provides business opportunities for Ghanaians. In August 2024, the PHDC and a consortium of private partners broke ground on the development of the first phase of a $60 billion downstream petroleum hub. The hub represents the first of its kind in West Africa and will be developed across three phases between 2024 and 2036. The first phase – at a cost of $12 billion - comprises a 300,000 barrel per day (bpd) refinery; a 90,000-bpd petrochemical plant; storage tanks with a total capacity of three million cubic meters; a jetty; and marine port infrastructure. Phase one is situated across 6,590 acres in the Jomoro municipal district. Following its completion, the integrated hub will have the capacity to process 900,000 bpd of crude across three 300,000-bpd refineries. Each refinery has the potential to be expanded to 500,000 bpd, targeting an overall production capacity of 1.5 million bpd. Additionally, following the completion of all three phases, the hub will feature five multi-purpose petrochemical plants with a production capacity of 90,000 bpd each. The plants will produce chemicals such as fertilizers, lubricants and cosmetics, utilizing natural gas as feedstock. Phase 1 will include the development of one petrochemical plant while the second and third will see two plants constructed each. The integrated hub showcases the value of public-private partnerships in advancing large-scale oil and gas projects in Africa. Spearheaded by the PHDC, the hub is supported by global and regional partners, including Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering and China Construction Third Engineering Bureau. 'Ghana's integrated petroleum hub should serve as a benchmark for other resource-rich nations in Africa. This innovative project is poised to become a strategic catalyst for economic growth – both in Ghana and across the broader region. The hub will create jobs, increase petroleum distribution, promote skills development and position Ghana as a central point for petroleum production in Africa. The hub is a testament to the role public-private collaboration can play in advancing African oil and gas projects,' stated NJ Ayuk, Executive Chairman of the African Energy Chamber. The Invest in African Energies: Accra Investor Briefing in April offers a strategic opportunity for the PHDC to not only provide an update on the development of the hub, but showcase associated investment opportunities. The integrated hub is a large undertaking, requiring significant levels of finance and technological expertise. Investors will have the chance to gain first-hand insight into the PHDC's ambitions in Ghana, laying the foundation for new deals to be signed. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
07-03-2025
- Business
- Zawya
Egypt: Palm Hills sees 105.81% YoY consolidated profit leap in 2024
Egypt - Palm Hills Development Company (PHDC) reported a 105.81% year-on-year (YoY) growth in consolidated net profits after tax and non-controlling interest for 2024 to EGP 3.254 billion from EGP 1.581 billion, as per a disclosure on March 6th. The company's net operating revenues amounted to EGP 27.167 billion in the January-December period, compared to EGP 17.462 billion in 2023. The firm's standalone net profit after tax hit EGP 261.522 million last year, down from EGP 928.161 million in 2023. Palm Hills is an Egypt-based company that focuses on real estate investment in new cities and urban communities, land reclamation and cultivation, and other activities associated with the company's operations. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
12-02-2025
- Business
- Zawya
Egyptian developer Al Ahly Sabbour plans 20-25% EGX listing, eyes regional expansion
Egypti's Al Ahly Sabbour Developments is planning to offer between 20 to 25 percent of its shares on the Egyptian Stock Exchange (EGX) within the next 10 months, Chairman Ahmed Sabbour told Zawya Projects. The private developer is evaluating proposals from Beltone, CI Capital, Al Ahly Pharos, and EFG Hermes for advisory roles on the initial public offering (IPO), he said. Al Ahly Sabbour expects to appoint a financial advisor by June 2025, with the IPO process likely to take around 10 months thereafter, including regulatory approvals from the Financial Regulatory Authority (FRA), Sabbour said. "We are working around the clock on the offering file to take advantage of the current market momentum and maximise returns," he said. Established in 1998, Al Ahly Sabbour is a joint venture between multidisciplinary engineering services firm Sabbour Consulting and National Bank of Egypt (Al Ahly). In a press statement issued on Wednesday, the company said it achieved sales of 32.5 billion Egyptian pounds ($642 million) and delivered 2,500 units. Sabbour did not discuss the expected size of the offering but said the company plans to increase its capital, independent of the IPO, from EGP 300 million ($6 million) to EGP 550 million ($11 million) by the end of the year. Al Ahly Sabbour's listed industry peers include Palm Hills Development Company (PHDC), SODIC and Arab Developers. According to LSEG data, as on 12 February 2025, PHDC commanded a market capitalisation of approximately EGP 18.50 billion ($365.5 million), SODIC's stood at approximately EGP 22.10 billion ($437 million), while Arab Developers Holding's market cap stood at EGP 2.90 billion ($57 million). Regional expansion plans In addition to the EGX listing, Al Ahly Sabbour is also expanding into new markets in the Gulf region. In January 2024, the company announced the launch of the 23-acre, 760-unit 'Wadi Zaha' in its flagship project in Oman's Sultan Haitham City, at investment of 90 million Omani riyals ($234 million). The 100-acre project, which also includes Wadi Safa and Wadi Tala neigbourhoods, will feature approximately 3,500 housing units. In Saudi Arabia, the company is negotiating land acquisition with the Ministry of Municipalities and Housing and private companies. 'We are negotiating for a 250-acre land parcel in Khuzam [Riyadh region] for a residential project,' he said. Plans for 2025 According to the press statement, Al Ahly Sabbour is targeting sales of EGP 32 billion ($632 million) in 2025, backed by an ambitious investment plan of EGP 10 billion ($198 million) to accelerate construction and development across its projects. In 2024, the construction outlay was EGP 6 billion ($118.5 million). New contracts awarded include infrastructure works for the Keeva project in 6th of October to EJAB; infrastructure and roadworks for Alaire project in Mostakbal City to Build Tec, and exterior walls and gates for the Alaire, Woodwalks, Rare, and The Ridge projects to ICON. On the delivery front, the first phase of the Gaia project in Ras El Hekma has been delivered while 100 percent of the L'Avenir project in Mostakbal has been constructed, with 60 percent of units already delivered. The remaining deliveries are scheduled for completion by the second quarter of 2025. For the Alaire project, the first batch of delivery is set to commence in 2025 while for Keeva, Phase 1 deliveries will begin by the end of 2025. New projects debuting in 2025 are Summer Vibes, the second phase of the Summer project in the North Coast and Roofscape within the AT-EAST project in Mostakbal City. The total construction investment for Summer Vibes amounts to EGP 10.5 billion ($207 million), covering 1,728 residential units, while EGP 2 billion ($39.5 million) is being earmarked for the new 700-unit release within AT-EAST, the statement said. Al Ahly Sabbour's land bank stands at 4,000 feddans, spread across 65 real estate projects in East and West Cairo, the Red Sea coast, the North Coast and regional markets. (1 US Dollar = 50.62 Egyptian Pounds) (Reporting by Eman Hamed & Marwa Abo Al Majd) (Editing by Anoop Menon) (
