Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) announced that the company’s board of directors has mandated the managing director to sign a protocol with a real estate finance company.
The deal aims to finance the units of Hadayek El-Naser project in 6th of October city, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
The value of the deal wasn’t disclosed.
For the full-year 2018, MNHD reported a 19% increase in its consolidated profits, registering EGP 1.11 billion, compared to EGP 933 million in the prior year.
Meanwhile, the real estate firm’s revenues grew to EGP 2.7 billion last year from EGP 2.42 billion in 2017.
As for standalone profits, MNHD recorded EGP 1.06 billion in 2018, compared to EGP 943.29 million in the previous year.
