Egypt’s state-run Madinet Nasr for Housing Q1 profits rise 23%

Egypt’s state-owned Madinet Nasr for Housing and Development reported Thursday a 23 percent increase in its first-quarter profits to reach around one billion Egyptian pounds ($56.6 million).

Earlier, profits stood at 407.1 billion pounds during the first quarter of 2017.

Consolidated revenues fell to 610.8 million pounds during the first quarter of this year from 747.9 million pounds during the same period a year earlier.

Standalone profits dropped to 328.89 million pounds, compared with 406.17 million pounds.

In 2017, profits jumped by 21 percent to 933.05 million pounds, against 768.9 million pounds in 2016.