Egypt's Mostaqbal Watan Party to field candidates for all available Senate seats    Egypt to finish implementing 250K social housing units in 3 years: Maait    Egypt receives international requests to restart tourism in Luxor    Unjustified population growth exhausts development efforts: Shaarawy    COVID-19 promotes public, private, civil society cooperation: Al-Mashat    China's Huawei requests UK's Johnson to delay 5G network removal – The Times    Egypt reports 923 new coronavirus cases, 67 deaths on Saturday    Pope 'deeply pained' over Turkey's move on Hagia Sophia    Poland voters cast ballots in presidential run-off    FDA authorizes marketing of Philip Morris's IQOS towards a smoke-free future    Tennis: World TeamTennis to kick off season with safety measures in place    Barcelona's Griezmann injured, likely to miss title run-in    Yemen's Houthis agree to give UN access to abandoned tanker: Sources    3 killed, 74 injured in two-day Mali protests    Abu Dhabi fund suspends debt service repayments for countries, companies    Saudi STC extends Vodafone Egypt stake purchase for second time    Islamic Development Bank working on 57 projects worth $3.8bn in Egypt    Live score: Aston Villa v Crystal Palace (English Premier League)    Egypt's Sisi directs outlining comprehensive vision for developing mining industry    Brazilian match called off after 14 players test positive for COVID-19    China raises flood alert to second highest level    Indian film star Amitabh Bachchan, son in stable condition: Health officials    Egypt records 125 COVID-19 fatalities among doctors    Egypt records 923 new coronavirus cases, 67 deaths    9th day of Ethiopia dam talks conclude with no deal in sight    Indian movie star Amitabh Bachchan and his son test positive for COVID-19    Earliest Pyramid Texts on view at lesser-known Saqqara pyramids    Egyptian film ‘Photocopy' to open South Korea's 2020 Arab Film Festival    Candidates start registration for Egypt Senate elections on Saturday    US dollar depreciates by 19 piasters against Egyptian pound last week    Turkey turns iconic Istanbul museum,Hagia Sophia, into mosque    U.S.-China relationship is ‘severely damaged,' phase II trade deal not a priority: Trump    India, China discuss recent developments on Sino-India border    Egypt reports 981 new coronavirus cases on Friday, says health ministry    Iran will develop oil industry despite US sanctions: Zanganeh says    Egypt rejects Ethiopian proposal to defer decision on GERD disagreements until accord is signed    Republished: Mahmoud Reda - A pioneer of folk dance    On 5th anniversary of his death, DNE celebrates the life and career of Omar Sharif    No agreement so far on GERD technical, legal points: Egypt    Egypt's Mohamed Salah double keeps Liverpool on track for points record    Farwell to 74-year old Egyptian military production minister El-Assar    U.S. President Trump slams Washington Redskins as team re-evaluates name    Egypt reopens 5 museums, 8 archaeological sites and operates 171 international, domestic flights    Egypt's Zamalek to continue training Thursday, but domestic league participation unclear    Federation of Egyptian Banks denies funding GERD: eletreby    Egypt to host World Handball Championship on time despite COVID-19: EHF President    Egypt's parliament Oks amendments to House law amid differences over election    CAF draws timeline for resumed continental championships amid COVID-19    







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





Madinet Nasr Housing and Development achieves 165% in y-o-y net income in Q2 2018
Published in Daily News Egypt on 04 - 08 - 2018

Madinet Nasr Housing and Development (MNHD), a leading urban developer in Egypt, achieved a significant increase of consolidated net profit year-over-year (y-o-y) by 165% to reach EGP 274.5m in the second quarter (Q2) of 2018, up from EGP 103.5m in Q2 2017, the company announced on Saturday.
MNHD's revenues witnessed a 61.2% increase y-o-y to surpass the EGP 500m-mark to EGP 656.2m in the same period, while the company's pre-sales recorded a twofold increase to reach EGP 1.4bn, up from EGP 757.6m in the prior year, representing 602 sold units. It is worth noting that the company's year-to-date presales posted EGP 2.55bn in the first half (H1) of 2018.
The urban developer continues to push forward with the launch of new phases at its Taj City development, following the success of its third phase, Shayla, in November 2017. Taj City's amended master plan, which was approved in January 2018, will see the development boast an integrated urban community that enjoys vast green spaces within the heart of the city, offering both the conveniences of city life and the comforts of suburban living.
"MNHD has consistently demonstrated its ability to deliver solid y-o-y gains regardless of industry's volatility and uncertainties across the wider macro environment," said MNHD CEO Ahmed El Hitamy.
He added that the strong top-line growth achieved was backed by MNHD's benchmark unit offerings in line with consumer demand across a broad income spectrum, especially, targeting the country's growing middle class.
"Moreover, improved operational efficiency and prudent cost management have seen our net profit margin expand 16 percentage points to over 42%," El Hitamy explained.
During Q2 2018, MNHD launched and presold a variety of property types in the Shalya Taj City project, in addition to Lake Park Studios in Q1 2018, which produced some spillover into the second quarter.
Furthermore, the company launched two developments within its 5.5m sqm SARAI project, which is located in New Cairo in close proximity to the New Administrative Capital; the launches generated presales of EGP 620.6m.


Clic here to read the story from its source.