Real Estate Company Madinet Nasr Housing & Development (MNHD) consolidated gross profits recorded EGP 102m during the second quarter of 2015 ( 2Q2015) while the standalone gross profits reached EGP 94.5m.
Standalone revenues surged by 120% compared to the previous quarter, the company highlighted in an official statement, adding that consolidated revenues reached EGP 169.3m.
“The strong performance comes on the back of a pickup in unit sales owing to renewed confidence in the Egyptian economy, as well as a sale of a non-residential land plot for EGP 60mn,” the company said.
Discussing the updates of its latest projects, Tag Sultan, the company highlighted that work is “on track with deliveries of units sold during the 4Q 2012 launch of the project set for the fourth quarter of 2015, meeting the contract terms which stipulate that units are delivered within three years”.
Tag Sultan is a 300,000 sqm project within Taj City, a development on 3.5m sqm in a prime location inside Cairo across from the JW Marriott Hotel and Cairo International Airport. The project caters to middle and upper-middle income consumers.