Madinet Nasr Housing & Development (MNHD), an urban developer in Egypt, announced on Monday its results for the quarter ending 31 March (Q1) 2017, reporting consolidated revenues of EGP 751.7m, up 263% year-on-year (y-o-y). “Top-line gains filtered down to the company’s net profit, which recorded EGP 407.2m in the first quarter of 2017, are up 494% y-o-y and with a 26-point net margin expansion to 54.2%,” according to the company’s statement. On a standalone basis, the MNHD recorded an almost five-fold increase in revenues to EGP 690.4m while net profit came in at EGP 406.2m, up an impressive 510% y-o-y, the statement read. Meanwhile, the statement stated that total contracted sales for Q1 stood at EGP 1.84bn. Heading into the second half of the year, according to the statement, MNHD is pushing through with efforts to launch new phases at its Taj City development.

Source: Daily News Egypt May 15, 2017 15:45 UTC