Cairo - Mubasher: Madinet Nasr Housing and Development (MNHD) reported a 52.56% drop in its net profits attributable to the parent company's shareholders, logging EGP 228.6 million in the first half (H1) of 2021, compared to EGP 482 million in H1-20, the unaudited consolidated financial results showed.
The property developer's revenues fell to EGP 954.6 million in the January-June period from EGP 1.3 billion in the same period in 2020, according to a bourse disclosure on Sunday.
In addition, the standalone net profits slipped to EGP 233.7 million in H1-21, compared to EGP 473.85 million in H1-20.
The standalone revenues declined to EGP 890.53 million in the first six months of the year from EGP 1.09 billion in the year-ago period.
In the first quarter (Q1) of 2021, MNHD logged EGP 114.498 million in net profits attributable to the parent company's shareholders, compared to EGP 378.17 million in Q1-20.
