Egypt Education Platform's EEP Run raises funds for Gaza    IMF approves $1.5m loan to Bangladesh    China in advanced talks to join Digital Economy Partnership Agreement    Egypt's annual inflation declines to 31.8% in April – CAPMAS    Chimps learn and improve tool-using skills even as adults    13 Million Egyptians receive screenings for chronic, kidney diseases    Al-Mashat invites Dutch firms to Egypt-EU investment conference in June    Asian shares steady on solid China trade data    Trade Minister, Building Materials Chamber forge development path for Shaq El-Thu'ban region    Cairo mediation inches closer to Gaza ceasefire amidst tensions in Rafah    Taiwan's exports rise 4.3% in April Y-Y    Microsoft closes down Nigeria's Africa Development Centre    Global mobile banking malware surges 32% in 2023: Kaspersky    Mystery Group Claims Murder of Businessman With Alleged Israeli Ties    Egypt, World Bank evaluate 'Managing Air Pollution, Climate Change in Greater Cairo' project    US Embassy in Cairo announces Egyptian-American musical fusion tour    Japanese Ambassador presents Certificate of Appreciation to renowned Opera singer Reda El-Wakil    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



MNHD consolidated revenues reach EGP 578.7m, EGP 310.1m net profits in Q3 2016
Taj City and SARAI projects will help company sustain strong growth rates in Q3 of 2016, says report
Daily News Egypt Published in Daily News Egypt on 15 - 11 - 2016

Madinet Nasr Housing and Development (MNHD), an Egyptian real estate development company, announced in a report released on Tuesday that its consolidated revenues for the third quarter of 2016 reached EGP 578.7m, as net profits registered EGP 310.1m, a 317% increase in revenues.
The report said that the increase in revenues is primarily driven by the increase in contracted sales as well as the revenues from the Capital Gardens project in New Cairo, which is part of a partnership agreement between Palm Hills for Development (PHD) and MNHD.
Total contracting of the company's projects reached EGP 1.5bn, which is an annual growth of 812% compared to EGP 165m during the same period in 2015, according to the report. "The increases reflect the positive impact of the marketing campaigns launched by the company to enhance its sales in new projects," the report said.
CEO of MNHD, Ahmed El Hitamy, said that the financial results achieved by the company are considered the best in its history. "We are confident in our ability to sustain this strong growth in the coming months as we continue to roll out new phases in the two projects Taj City and SARAI," El Hitamy added.
Units of Taj City's first phase were sold for EGP 2.1bn, whereas the second phase was sold under the name T-Zone for EGP 1.6bn. The project is situated on an area of 3.5m sqm. On the other hand, SARAI added EGP 307m to the company's total revenues, located on an area of 5.5m sqm in New Cairo.
MNHD is developing three major projects in Greater Cairo with more than 8,000 housing units in different stages of establishment and design.
MNHD was founded in 1959, and is one of the largest companies in the field of construction and real estate development in Egypt. It has developed the majority of Nasr City neighborhood on an area of 40m sqm in greater Cairo, providing housing for more than three million citizens.

Clic here to read the story from its source.