Egypt's golf chief Omar Hisham Talaat elected to Arab Golf Federation board    Egypt extends Eni's oil and gas concession in Suez Gulf, Nile Delta to 2040    Egypt, India explore joint investments in gas, mining, petrochemicals    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egyptian pound inches up against dollar in early Thursday trade    Singapore's Destiny Energy to invest $210m in Egypt to produce 100,000 tonnes of green ammonia annually    Egypt's FM discusses Gaza, Libya, Sudan at Turkey's SETA foundation    UN warns of 'systematic atrocities,' deepening humanitarian catastrophe in Sudan    Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    Egypt launches 3rd World Conference on Population, Health and Human Development    Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM    Egypt's TMG 9-month profit jumps 70% on record SouthMed sales    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Latvia sign healthcare MoU during PHDC'25    Egypt, India explore cooperation in high-tech pharmaceutical manufacturing, health investments    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    Egypt releases 2023 State of Environment Report    Egyptians vote in 1st stage of lower house of parliament elections    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    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.



Madinet Nasr Housing and Development records net profits of EGP 1.1bn in 2020
Company plans to distribute EGP 648m cash dividends for second consecutive year
Alyaa Stohy Published in Daily News Egypt on 01 - 03 - 2021

Madinet Nasr Housing & Development (MNHD) announced, on Sunday, its business results for 2020, revealing that it saw net profit of EGP 1.1bn.
This reflected a net profit margin of 32%, and a growth rate of 2% compared to 2019. It also reported consolidated revenues of EGP 3.1bn.
Presales grew by 11% year-on-year (y-o-y) from EGP 6.3bn in fiscal year (FY) 2018/19, to record EGP 7bn in FY 2019/20. Growth in presales for the year was largely driven by increased demand on Taj City and Sarai developments.
The total number of units sold in Taj City and Sarai in 2020 was 1,548 units, compared to the 1,301 units sold in 2019, reflecting an increase of 19%. Total built-up area (BUA) of units sold in Taj city and Sarai in 2020 stood at 258,000 sqm, compared to 212,000 sqm sold in 2019, an increase of 22%.
In addition to this, the company saw the sale of 198,000 sqm of mix-use land in Taj City. MNHD sold and delivered 440 units in its Nasr Gardens project, located in the 6th of October City.
The company invested EGP 3.5bn in construction and infrastructure works in 2020, an 102% increase from 2019's EGP 1.7bn, paving the way to continue delivery of around 4,000 units in SARAI and Taj City.
"While 2020 was a challenging year for the economy in general, and the real estate market in particular, due to the novel coronavirus (COVID-19) pandemic and associated precautionary measures, MNHD continued delivery of outstanding operational performance and financial results backed by strong capabilities of land bank, managerial, financial, and human resources," according to MNHD CEO Ahmed El Hitamy, "[This] enabled MNHD to adopt flexible strategies to efficiently response to market developments, through promotional cash sale programmes, and sale of land to other real estate developers offering products different from MNHD's."
Commenting on the dividends, El Hitamy added, "The Company has realised good cash inflows to secure EGP 648m for cash dividends to our shareholders (EGP 0.45/share)."
He noted that the company plans for a 4% stock dividend, and will continue work on converting its profits in a short time into dividends to shareholders. This will enable them to monetise the return on their investment in MNHD.

Clic here to read the story from its source.