Key Points
- Yasseen Mansour’s 10.83% stake in Palm Hills rose by $14.05 million in 2024, despite Egypt’s economic challenges and the pound’s devaluation.
- Palm Hills’ shares surged 148% in 2024, driven by strong sales and a diverse project portfolio, boosting the company’s market cap to over $380 million.
- Mansour’s stake growth, up $14.05 million, was impacted by a 39% devaluation of the Egyptian pound, illustrating challenges in Egypt’s volatile economy.
Egyptian billionaire Yasseen Mansour, chairman of Palm Hills Developments, has successfully navigated a challenging economic year in Egypt, cementing his position in the country’s real estate sector.
Mansour’s 10.83 percent stake, comprising 318.57 million shares, has increased in market value by $14.8 million in 2024, despite the sharp devaluation of the Egyptian pound. This growth underscores his enduring influence in Egypt’s real estate sector.
However, the Egyptian billionaire’s stake could have grown by as much as $41.9 million if not for the 39 percent devaluation of the Egyptian pound against the U.S. dollar. The currency devaluation, driven by the Central Bank of Egypt’s exchange rate liberalization efforts, weighed on assets and corporate valuations across the country.
Shares up 153% amid investor optimism
Palm Hills, a unit of the Mansour Group, has solidified its reputation as a leader in residential, commercial, and resort developments. This was further reinforced in the first nine months of 2024, as the company achieved a 59.3 percent surge in revenues, reaching EGP17.96 billion ($363.42 million), driven by strong sales and a robust portfolio of high-demand projects.
This impressive financial performance has translated into remarkable gains on the Egyptian Exchange (EGX), where Palm Hills’ shares have surged by 153 percent in local currency terms, rising from EGP2.66 at the start of the year to EGP6.73 by mid-December.
Adjusted for the Egyptian pound’s devaluation, the gain reflects a 54.1 percent increase in U.S. dollar terms, with the share price climbing from $0.086 to $0.132. The company’s market capitalization now exceeds $380 million, demonstrating strong investor confidence and delivering significant value to shareholders, including Mansour.
Mansour’s stake: Gains in local and dollar terms
Yasseen Mansour’s stake in Palm Hills Developments has experienced significant growth this year, rising by EGP1.26 billion in local currency terms—from EGP847.41 million to EGP2.11 billion. However, the devaluation of the Egyptian pound tempered these gains in dollar terms, with his stake increasing from $27.38 million to $41.43 million—a net gain of $14.05 million.
Palm Hills’ robust performance in 2024 exemplifies Mansour’s strategic foresight and the market’s adaptability. Despite challenges such as soaring inflation and a volatile currency, the company leveraged strong domestic demand for real estate, demonstrating its ability to navigate adversity and maintain its momentum in a critical growth sector.
