Cairo – Mubasher: Madinet Nasr Housing Development on Thursday posted EGP 943.2 million in standalone profits for the year ended 31 December 2017, registering a 28% rise from EGP 738.7 million in 2016.
The company’s standalone revenues also grew to EGP 2.11 billion in 2017 from EGP 1.7 billion the year before, according to a filing to the Egyptian Exchange (EGX).
Following the disclosure of the standalone results, the EGX resumed trading on Madinet Nasr Housing’s stock.
The company’s consolidated figures were the same as its standalone results.
Madinet Nasr Housing Development is targeting sales ranging between EGP 5.5 billion and EGP 6 billion in 2018.
The company’s board has recommended a bonus share distribution of EGP 0.15 per share for 2017 along with raising issued to capital to EGP 1.15 billion from its current EGP 997.1 million.
The bonus share distribution will be financed through Madinet Nasr Housing Development’s profits for 2017.
Madinet Nasr Housing Development’s stock closed Thursday at a rise of 1.19% to EGP 11.08.
