Cairo – Mubasher: Madinet Nasr Housing Development (MNHD) on Thursday reported a decline in its net profits on the back of lower revenues in the first three months of 2018.
The Egyptian developer logged EGP 313.5 million in profits between January and March, down 23% year-on-year from EGP 407.1 million.
Madinet Nasr Housing’s revenues retreated to EGP 610.8 million in Q1-18 from EGP 747.9 million in the same period of 2017, according to a bourse filing.
Previously, Madinet Nasr Housing posted a 21% rise in consolidated profits to EGP 933.05 million for the full year 2017 from EGP 768.9 million in 2016, while its revenues had increased to EGP 2.4 billion from EGP 2 billion in 2016.
By 12:03 pm Cairo time, Madinet Nasr Housing’s stock fell 3.83% to EGP 12.30 on the Egyptian Exchange (EGX).
