Cairo – Mubasher: Madinet Nasr Housing and Development reported a 246% year-on-year hike in profits for the first half of 2017 due to higher sales, according to a bourse filing on Tuesday.
The Egyptian company achieved a net profit of EGP 509.57 million in the six months ended June 2017 from EGP 147.2 million in the same period of 2016.
Consolidated profits rose to EGP 1.16 billion in H1-17 from EGP 533.6 million in H1-16.
Standalone profits amounted to EGP 512.65 million in H1-17, versus EGP 142.05 million in the corresponding period of the year before.
The firm had previously achieved profits of EGP 407.2 million in the first quarter of 2017, compared to EGP 68.6 million in Q1-16.
Madinet Nasr Housing’s stock closed Monday to EGP 11.03, slipping 1.72% with a turnover of EGP 21.48 million.
