Cairo-Mubasher: Madinet Nasr Housing and Development reported an increase of 107% in net profits for the fourth quarter of 2015, according to the company’s unconsolidated financial statements.
The real estate developer saw unconsolidated net profits of EGP 87.8 million for the fourth quarter of 2015, up from EGP 42.4 million for the same period of the previous year.
The company’s board proposed bonus shares distribution at 0.33-for- 1to raise issued capital by EGP 125 million from EGP 375 million to EGP 500 million. The increase will be financed through the company’s earnings for the fiscal year ended 31 December 2015.
Notably, the company’s unconsolidated profit for 2015 stood at EGP 233 million, up 25% from EGP 186.7 million for the previous year.
