Egypt’s Madinet Nasr Housing H1 consolidated profit sours 246%

Egypt’s real estate firm Madinet Nasr for Housing and Development (MNHD) reported on Tuesday a 246 percent rise in its first half profits triggered by higher sales.

The company’s profits reached 509.57 million Egyptian pounds ($28.7 million) during the first half of 2017 from 147.2 million pounds in the same period last year.

Consolidated sales jumped 117 percent to record 1.16 billion pounds at the end of June 2017, compared to 533.6 million pounds last year.

“Given the upcoming launch in T Zone, MNHD’s project on the Taj City land plot, it is likely that MNHD will surpass its FY16 sales figure which itself had been a record for the company. MNHD is also planning to further monetize its Sarai land plot through new launches and potential co-development agreements.” Pharos Holding for Financial Investments in a statement on Tuesday.

Standalone profits also climbed to 512.65 million pounds, compared to 142.05 million pounds.