Cairo – Mubasher: Madinet Nasr Housing and Development’s consolidated net profit for the first quarter of fiscal year 2017 surged 493.6% to EGP 407.2 million ($22.5 million), compared to EGP 68.6 million ($3.8 million) for Q1-16.
Sales increased in the first three months of FY17 by 262.6% to EGP 751.7 million from EGP 207.3 million for the same period last year, according to a bourse filing released on Sunday.
Standalone net profit for Q1-17 rose 511% to EGP 406.2 million, versus EGP 66.4 million for Q1-16.
The company’s managing director, Ahmed Ali Ibrahim El-Hitamy, said that the flotation of the Egyptian pound had a positive impact on the financial statements for Q1-17.
By 10:40 am Cairo time, the stock rose 1.13% to EGP 21.40.
