Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has denied news about seeking to borrow EGP 1.4 billion, according to a statement to the Egyptian Exchange (EGX) on Sunday.
The Egyptian real estate firm was said to be in talks with Arab African International Bank (AAIB) to obtain a loan valued at EGP 1.4 billion.
Any final agreement to be reached with any bank will be disclosed to the EGX, the company affirmed.
During the first quarter of 2019, the company’s net profits amounted to EGP 332.3 million, compared to EGP 313.5 million in the year-ago period.
Meanwhile, revenues went up 3.83% year-on-year to EGP 634.22 million from EGP 610.8 million in Q1-18.
As for standalone business, the EGX-listed firm reported profits of EGP 332.13 million in Q1-19, compared to EGP 328.89 million in the corresponding period a year earlier.
