Cairo – Mubasher: The financial indicators of Madinet Nasr Housing Development (MNHD) showed a 20% year-on-year rise in its net profits in the first half of 2018 due to a growth in revenues.
The Egyptian developer generated EGP 611.72 million in profits in the six-month ended June, versus EGP 509.57 million in the prior-year period, according to a filing to the Egyptian Exchange (EGX) on Thursday.
The company’s revenues grew to EGP 1.26 billion at the end of June, from EGP 1.15 billion in H1-17.
At the level of standalone business, profits rose to EGP 574.4 million in H1-18, compared to EGP 512.6 million in the same period a year earlier.
MNHD previously reported a 23% decline in its net profits for Q1-18, recording EGP 313.5 million, EGP 407.1 million in Q1-17.
