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 31st, 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.