The outbreak of Covid-19 hit sales ...: We updated our model for Palm Hills Developments Company (PHDC) to account for the current challenges in the real estate sector due to the outbreak of the Covid-19. In 2020, PHDC recorded net contracted sales of EGP7.1bn (-30.1% YoY), as per our calculations, which is 32% lower than our old estimates of EGP10.5bn. We highlight ...
