Madinet Nasr Housing & Development (MNHD), a leading urban developer in Egypt, achieved revenues of EGP 2.05bn in the nine-month period ending 30 September 2018 (9M2018), marking a y-o-y increase of 20.4% compared to EGP 1.71bn recorded during the same period last year, announced the company on Sunday.
According to the company’s statement, consolidated net profits reached EGP 869.1m, up from EGP 858.1m a year previously, on the back of increased deliveries and solid top-line gains, while the net profit margin for 9M2018 stood at 42.2%.
“MNHD’s solid top-line growth is the result of a number of encouraging forces coming together,” said the company’s CEO Ahmed El Hitamy.
El Hitamy added that the company aims to maintain its growth momentum, and monetise its assets in a way that leverages housing demand across a broad income spectrum, with a focus on Egypt’s growing middle class.
Moreover, pre-sales recorded EGP 3.8bn in the same period, marking a 5% y-o-y increase compared to the EGP 3.7bn in 9M2017.
For instance, Taj City’s – one of MNHD’s new projects – new launches throughout the year achieved pre-sales of EGP 2bn in 9M2018 on the back of 949 presold units, compared to 612 units during the same period last year.
Taj City is an EGP 60bn integrated urban community project in the heart of Cairo.
Likewise, The first nine months of the year also saw MNHD market new launches within SARAI, a New Cairo project located in close proximity to the New Administrative Capital, with total unit pre-sales at MNHD’s developments, recording EGP 1.583bn in the first nine months of 2018.
On a standalone basis, revenues stood at EGP 1.725bn in 9M2018, representing a 14.7% y-o-y increase from EGP 1.5bn posted in 9M17.