Egypt’s Madinet Nasr Housing profits rise 15% in nine months

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Egypt’s state-owned Madinet Nasr for Housing and Development reported Saturday a 15 percent increase in its profits recording 869.07 million Egyptian pounds ($48.5 million) during the first nine months of this year from 757.14 million last year.

Sales rose to 792.8 million, compared with 555.36 million pounds last year, the company said in a filing to the Egyptian Exchange (EGX).

During the third quarter of 2018, profits jumped to 257.3 million pounds from 247.57 million pounds during the same period in 2017.

The company made profits worth 816.7 million pounds during the January-September 2018 period, versus 755.9 million pounds during the same period a year earlier.

In the first half of the current  year, profits stood at 611.72 million pounds, up from 509.57 million pounds last year.

Madinet Nasr Housing, which operates in the real estate sector focusing on diversified real estate activities, has four subsidiaries operating across Egypt, working on education services, construction and engineering, real estate development, and multi-utilities.

Source: MENA