Egypt’s Medinet Nasr Hit EGP187 mln Net Profits

Egypt’s Medinet Nasr for Housing and Development SAE on Wednesday said its net profit jumped 102.6 percent in 2013 on the back of a 50 percent rise in sales.

The net profit of the company, according to data it published on Wednesday in the Al-Akhbar newspaper, reached 186.88 million pounds ($26.85 million) in the year to end-December 2013 compared with 92.24 million in 2012.

Sales by Medinet Nasr, a public shareholding company engaged in real estate development and housing, increased 50 percent to 658.48 million pounds from 438.97 million pounds in 2012.