Cairo – Mubasher: Madinet Nasr Housing and Development posted an increase in its consolidated net profits for the fourth quarter of 2015.
The company’s Q4consolidated net profits grew 78% year-on-year to EGP 91 million from EGP 51 million.
For the fiscal year of 2015, the company registered consolidated net profit of EGP 245.4 million, 14% up from EGP 213.2 million for 2014.
On 13 March, the company said its Q4-15 standalone profits increased by 107%. Moreover, the board recommended 0.33-for-1 bonus shares distribution.
Meanwhile, the developer’s standalone profits for the first nine months of 2015 fell 4.7% year-over-year to 154.36 million from 161.99 million.
