Egypt’s Madinet Nasr for Housing signs contracts of 3.8b pounds in 2016

Egypt’s Madinet Nasr for Housing and Development Company (MNHD) signed contracts worth 3.8 billion Egyptian pounds ($204.8 million) in 2016 compared to 876 million pounds in 2015.

This remarkable performance was due to company’s sales achieved in Tag City Project which estimated at 2.1 billion pounds, followed by Sarai Compound project whose sales recorded one billion pounds since the first day of launching.

MNHD consolidated financial results showed that the net profits upped to 14 percent per year during the second quarter of 2016 backed by the 41 percent rise in revenues volume. 

The consolidated gains reached 78.6 million pounds during the second quarter of 2016 compared of earnings recorded 68.9 million pounds at the same period of 2015, MNHD financial statements clarified.

The results also added that the company’s consolidated revenues rose to 295.9 million pounds during the second quarter of 2016, marking a 41.1 percent-growth.