Egypt’s Madinet Nasr Housing says profits jump 189% at 2016-end

Egypt’s Madinet Nasr for Housing and Development Company announced Thursday a 189.98 percent rise in standalone profits to record 738.77 million Egyptian pounds ($46.5 million) during the financial year ended on December 31, 2016.

Earlier, Madinet Nasr registered profits worth 255.64 million pounds during financial year ended on December 31^st, 2015.

Net sales also jumped 272.5 percent to reach 1.61 billion pounds, compared to 432.462 million pounds a year earlier.

Revenues recorded 1.78 billion pounds, 209.7 percent up from 574.94 million a year earlier.