Cairo – Mubasher: The consolidated net profits of Madinet Nasr Housing and Development (MNHD) retreated by 72% year-on-year (YoY) to EGP 282.83 million in 2021 from EGP 1 billion, including the minority shareholders' rights, as shown by the company's initial financial results for fiscal year 2021.
The company recorded revenues of EGP 2.23 billion in 2021, down from EGP 3.09 billion in the earlier year.
As for the standalone financials, the company's net profits declined to EGP 282.63 million in 2021 from EGP 1.01 billion in the previous year.
It is noteworthy to mention that during the first nine months (9M) of 2021, MNHD reported consolidated net profits of EGP 250.037 million, down by 60% year-on-year (YoY) from EGP 630.76 million.
