PHD signed a EGP365mln loan to finance Hacienda Bay project

Palm Hills Developments said it signed a medium-term loan worth EGP365mln with the Arab African International Bank and Banque Misr with the aim of financing part of the investment costs at the North Coast’s  Hacienda Bay project. 

The syndicated credit facility seeks to finance construction, infrastructure works as well as administrative costs of the project, according to PHD’s disclosure statement delivered at the Egyptian Stocks Exchange. 

While fully repaying a credit facility that was previously sought for the same project, PHD  got this financing under better terms, helping the company save up to 2% of its financing costs as compared with the foregoing credit facility. 

PHD recorded  net earnings worth EGP906.22mln in 2019, down from EGP906.86mln in 2018.

Regarding stand-alone businesses, PHD recorded EGP579.9mln profits, as compared with EGP87.6mln previously.