Cairo- Mubasher: Madinet Nasr Housing and Development (MNHD) on Sunday reported a 19% year-on-year increase in its consolidated profits for 2018, exceeding EGP 1 billion for the first time.
Net profits amounted to EGP 1.11 billion during the full-year ended 31 December 2018, compared to EGP 933 million in 2017, according to a statement to the Egyptian Exchange (EGX).
Sales grew to EGP 2.7 billion last year, from EGP 2.42 billion a year earlier, the company added.
Meanwhile, standalone profits recorded EGP 1.06 billion in 2018, versus EGP 943.29 million in 2017.
The EGX-listed real estate company has delivered 788 units in 2018, the statement said, adding that total handed over units at Taj Sultan and Primera have reached 1,907.
Sealed contracts and reservations rose by 7% year-on-year to EGP 5.5 billion last year backed by the new phased launched at Taj City and SARAI since the beginning of the year.
The number of booked units rose to 2,074 in 2018, versus 1,978 units in 2017, the property developer indicated.
Cost of construction work stood at EGP 992 million last year, which is a slight growth from EGP 915 million in 2017, MNHD added.
MNHD develops eight projects across Cairo that cover over 10,000 residential units varying in construction and design.
In November, MNHD posted a 15% year-on-year jump in consolidated profits for the first nine months of 2018, recording EGP 869.07 million, compared to EGP 757.14 million.
