Madinet Nasr Housing records profit of LE 869M in 9 months

CAIRO – 4 November 2018: Madinet Nasr Housing and Development (MNHD) announced a 15 percent hike in its consolidated profit during the first nine months of 2018, recording LE 869.07 million, compared to LE 757.14 million in the same months of 2017.

The company clarified in a filing to the Egyptian Exchange (EGX) that the company’s sales reached LE 792.8 million, compared to LE 555.36 million in the aforementioned period of 2017.

On a quarterly basis, the company recorded a profit of LE 257.3 million during the third quarter of 2018, compared to LE 247.57 million during the same quarter of 2017.
As per standalone results, the company achieved a profit of LE 816.7 million during the January to September period, compared to LE 755.9 million during the same period of 2017.

Madinet Nasr Housing and Development marked a profit of LE 611.72 million during the first half of 2018, compared to LE 509.57 million in the same period of 2017.

Madinet Nasr Housing operates within the real estate sector focusing on diversified real estate activities. It has four subsidiaries operating across Egypt, working on education services, construction and engineering, real estate development and multi-utilities.