Cairo – Mubasher: Beltone financial said it expects to raise its fair value for Madinet Nasr Housing and Development on the expectations of increasing the target-contracted sales to reach EGP 3 billion in 2016.
The company’s fair value per share stands at EGP 16, which is expected to surge more on the company’s recent strong financial results as well as operating performance.
Beltone believes that Madinet Nasr Housing target sales volumes will accelerate within the upcoming two years amid the management continuous efforts to exploit efficiently the company’s assets in terms of generating revenues.
Madinet Nasr Housing also started the development of Sarai project that is located in New Cairo, in proximity to the planned new administrative capital city announced by the Egyptian government. The project will be developed over four phases with unit deliveries of the firstphase scheduled to be completed before end of 2019
Madinet Nasr Housing sales in Q3-2016 reached EGP 1.3 billion up 6.8 times y-o-y and 3.5 times m-o-m, noted Beltone.
