Egypt’s developer Madinet Nasr Housing and Development (MNHD) achieved consolidated revenues of EGP 1.089bn in the first half of 2019 (1H 2019) down from EGP 1.267bn in the same period last year, the company announced on Thursday.
Despite the strategic postponement of new launches in Taj City to the third quarter of 2019 ( already launched), MNHD recorded consolidated net profit of EGP 511m in 1H 2019 compared to EGP 588m a year earlier.
During the first half of the year, MNHD’s net presales reached EGP 2.06bn from EGP 2.53bn recorded in 1H 2018, as a result of the strategic decision to postpone new launches in Taj City to the third quarter.
MNHD has delivered 126 units in 1H 2019, up significantly from 54 units during the same period in 2018.
Furthermore, the company’s standalone net profit stood at EGP 511m for the same period, compared to EGP 574m recorded in 1H 2018.