Madinet Nasr Housing posts LE 1.16B revenues in H1

CAIRO – 8 August 2017: Madinet Nasr Housing and Development ‘s (MNHD ) net profits skyrocketed 246.1 percent to LE 509.6 million year-on-year, while revenues surged 131 percent to LE 1.16 billion in the first half of 2017, a Tuesday statement said.

Sales grew five-fold to reach LE 2.4 billion in the first six months of 2017 and advanced to LE 576.8 million in the second quarter of the year, up from to LE 286.6 million in the year-ago period, and recorded LE 210 million for July.

“With almost LE 2.5 billion in contracted sales during the first six months of 2017, MNHD is on a steady course to meeting its full-year targets,” CEO Ahmed al-Hitamy said.

Standalone results revealed that revenues grew191.3 percent to LE 1.04 billion in H1 of 2017 year-on-year, while profits climbed 260.9 percent to LE 512.7 million.

The company has more than 8,000 units under development at five key projects in Greater Cairo, the statement added.

Madinet Nasr Housing is a leading Egyptian Urban developer which has initiated and completed a number of key developments, including the majority of Nasr City district and Greater Cairo Area, which covers an area of more than 40 million square meters.