Cairo – Mubasher: Madinet Nasr Housing and Development raised EGP 1.4 billion from sales during the first eleven months of 2016, said the company Tuesday according to the initial standalone results.
The company further achieved EGP 730 million profits with a 52% profit margin over the period ended on 30 November 2016, the company added.
Profit growth was attributed to sales' faster pace in the second half of 2016, namely after the inauguration of Sarai projects in November, the company highlighted.
Earlier, the real estate developer announced earning EGP 449.8 million in the first nine months, higher 146% year-on-year from EGP 170.3 million.
The stock quote rose 2.09% today to EGP 20 a share by 11:43am Cairo local time.
