Madinet Nasr Housing and Development (MNHD), an Egyptian real estate development company, announced its unaudited management account for 11 months ending on 30 November.
MNHD said its revenues for this period reached EGP 1.4bn, as net profits after tax with net profit margin of 52% registered EGP 730m, according to the press statement on Tuesday.
The statement said the increase in revenues and profits is attributed to the increase in contracted sales in the second half of the year. The company launched its Sarai project in November.
MNHD has sold its entire inventory of Sara9 and Taj City and is preparing for new launches in February or March 2017.
MNHD was founded in 1959, and is one of the largest companies in the field of construction and real estate development in Egypt. It has developed the majority of Nasr City neighborhood on an area of 40m sqm in greater Cairo, providing housing for more than 3 million citizens.