Madinet Nasr Housing and Development (MNHD), an urban developer in Egypt, recorded consolidated revenues of EGP 634.2m in the first quarter (Q1) of 2019, up 3.8% year-over-year (y-o-y) from the EGP 610.8m recorded during Q1 of 2018. MNHD announced on Thursday its results for Q1 ending 31 March 2019, reporting that consolidated net profits for the quarter increased 4.8% y-o-y to EGP 328.7m in Q1 of 2019 from the EGP 313.5m recorded during the same quarter of last year, reflecting a slight net margin expansion of 0.5 percentage points to 51.8% in Q1 of 2019. During Q1 of the year MNHD's presales increased 8.9% y-o-y to EGP 1.72bn from EGP 1.58bn recorded during the same period last year. The company elaborated that the presales were driven by strong demand for residential units combined with the launch of Cobalt Business District (CBD) in Taj City, the first office park to be launched by MNHD. Moreover, MNHD has delivered 68 units up 70% y-o-y during the first three months of 2019, bringing the total number of units delivered as of 31 March 2019 in Tag Sultan and Primera to 1,971. On a standalone basis, revenues came in at EGP 570.4m for Q1 of 2019 up from the EGP 545.3m recorded during the same quarter last year and representing a 4.6% y-o-y in top-line expansion. Standalone net profits reported a 1.0% y-o-y increase to EGP 332.1m compared to EGP 328.9m recorded in Q1 of 2018. Net profit margins contracted 2.1 percentage points, coming in at 58.2% in Q1 of 2019 compared to the 60.3% recorded in the same quarter last year. Presales at Taj City recorded EGP 595m in Q1 of 2019, representing 200 units. This marked a contraction from the EGP 1,193m recorded in Q1 of last year due to the company's concentration on SARAI this quarter. Additionally, the total presales at MNHD's SARAI development amounted to EGP 634m during Q1 of 2019, representing 235 units, and a significant increase compared to the EGP 311m in presales recorded in Q1 last year.
