Madinet Nasr Housing’s Q2 contractual sales hit EGP 1.43 bln

Egypt’s Madinet Nasr for Housing and Development said on Wednesday it has achieved contractual sales of 1.43 billion Egyptian pounds ($79.8 million) from 602 housing units within the second quarter of this year.

The state-run firm posted contractual sales worth 757.6 million pounds in the second quarter of 2017, according to a statement released by the company sent to Amwal Al Ghad on Wednesday.

Revenues rose 61.2 percent to register 656.2 million pounds during the three months ended in June 2018.

Net profits increased 165.2 percent to 274.5 million pounds, compared with 103.5 million pounds, driven by a raise in second quarter revenues.

Standalone revenues climbed 35.7 percent to 477.2 million pound.