Egypt’s state-run Madinet Nasr Housing 2017 profits rise 28%

Profits of Egypt’s state-owned Madinet Nasr for Housing and Development (MNHD) increased by 28 percent to reach 943.2 million Egyptian pounds ($53.5 million) during 2017, announced financial statements on Monday.

Earlier, profits stood at 738.7 million pounds during 2016.

The company made revenues worth 2.11 billion pounds last year up from 1.7 billion pounds a year earlier.

During the January-September 2017 period, revenues jumped to 757.14 million pounds, compared with 457.34 million pounds during the same period in 2016.