Madinet Nasr for Housing and Development (MNHD), one of Egypt's urban community developers, has announced its standalone financial results for the first quarter (1Q) of 2022, reporting a net profit of EGP 120.2m and total revenues of EGP 818.4m. MNHD recorded gross contracted sales of EGP 1.55bn for 1Q 2022, up 110.6% y-o-y. The Company delivered a total of 361 units during 1Q 2022, an increase of 81.4% y-o-y versus the 199 units delivered in 1Q 2021. Revenues came in at EGP 818.4m for 1Q 2022, up by 82.2% y-o-y, driven by an increase in deliveries and secondarily by strong growth in gross contracted sales. The Company's gross profit recorded EGP 271.5m in 1Q 2022, growing 12.4% y-o-y. MNHD's gross profit margin registered 33.2% in 1Q 2022 against 53.8% for 1Q 2021, with the decline reflecting the dominance of unit delivery revenues in MNHD's total revenue mix for 1Q 2022. MHHD booked an EBITDA of EGP 211m for 1Q 2022, a rise of 17.2% y-o-y. The EBITDA margin came in at 25.8% for the quarter, down from the margin of 40.1% recorded one year previously. The Company posted a net profit of EGP 120.2m for 1Q 2022, up by 3.7% y-o-y and yielding a net profit margin of 14.7% against the 25.8% booked for 1Q 2021. Net debt stood at EGP 1,687.5m in 1Q 2022, marking a decrease of 35.9% in the year-to-date (YTD). Total notes receivable recorded EGP 3,050.7m in March 2022, up by 6.4% YTD and yielding a receivables/net debt ratio of 1.5x for 1Q 2022. Net cash collections booked EGP 836.3 million in Q1-2022, up by 4.5% y-o-y. MNHD deployed EGP 381.1m in construction and infrastructure CAPEX during the quarter, down from the outlay of EGP 695.7m booked for 1Q 2021 following the completion and delivery of several construction projects.
