Cairo – Mubasher: Madinet Nasr Housing and Development Company’s consolidated net profit rose in the first quarter of fiscal 2016 by 89.6% year-on-year.
Consolidated net profit reached EGP 68.6 million in Q1-16, versus EGP 36.2 million in Q1-15, according to a bourse filing.
Standalone profits also increased by 96.4% to EGP 66.4 million in the three-month period, compared to EGP 33.8 million in the same period of 2015.
The company said that its targeting to deliver 450 residential units in 2016, noting that reservation income reached EGP 211.5 million in Q1-16, 143% up from EGP 87.2 million in Q1-15.
The stock rose today by 1.77% to EGP 19.48.
