Egypt’s state-run Madinet Nasr Housing 2018 profits rise 19%

Big 5

Egyptian Madinet Nasr for Housing and Development’s profits rose 19 percent to 1.11 billion Egyptian pounds ($63.1 million) during 2018, announced financial statements on Monday.

Earlier, profits stood at 933 million pounds during 2017.

The state-run company posted revenues worth 2.7 billion pounds last year from 2.42 billion pounds a year earlier.

Standalone profits jumped to 1.06 billion pounds, compared with 943.29 million.

During the first nine months of 2018, profits climbed 15 percent to 869.07 million against 757.14 million during the same period in 2017.