Cairo – Mubasher: Madinet Nasr Housing and Development’s initial unaudited financials showed a 238.6% rise in the company’s net profit for the fourth quarter of fiscal year 2016 to EGP 288.97 million from EGP 85.34 million.
Consolidated profits for 2016 increased 186.8% to EGP 768.9 million from EGP 268.08 million for 2015.
Standalone profits for fiscal year 2016 reached EGP 738.77 million, 188.98% up from EGP 255.64 million for FY15, according to a bourse filing released on Thursday.
Total sales amounted to EGP 1.78 billion in 2016, rising 220.07% compared to EGP 558.66 million for 2015.
The company’s board approved distributing cash dividends of 30 piasters per share for FY16, totalling EGP 150 million, in addition to 1-for-1 bonus shares.
