Cairo – Mubasher: Pharos Research has reiterated their ‘Overweight’ recommendation of Madinet Nasr for Housing and Development (MNHD) based on fair value (FV) of EGP 10.50 per share.
The FV was mainly driven by the property developer’s 6 million-square metre residual land, making up 62.7% of total valuation, the research firm added in a recent report.
Earlier this morning, MNHD reported a 19% year-on-year increase in its consolidated profits for 2018, exceeding EGP 1 billion for the first time.
Net profits amounted to EGP 1.11 billion during the full-year ended 31 December 2018, compared to EGP 933 million in 2017, according to a statement to the Egyptian Exchange (EGX).
Sales grew to EGP 2.7 billion last year, from EGP 2.42 billion a year earlier, the company added.
Meanwhile, standalone profits recorded EGP 1.06 billion in 2018, versus EGP 943.29 million in 2017.
