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MNHD 1Q net profit up 15% to EGP 378m following solid top-line growth - Daily News Egypt

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MNHD 1Q net profit up 15% to EGP 378m following solid top-line growth

Presales driven by strong demand for residential units in SARAI, and sale of residential plot in Taj City

Madinet Nasr Housing & Development (MNHD) has reported consolidated net profits for the quarter increased 15% y-o-y to EGP 378.1m in Q1 of 2020. The quarter’s figures show a significant net profit margin of 41.3% from the EGP 328.7m recorded during the same quarter of last year.

The company reported consolidated revenues of EGP 914.9m in the first quarter (Q1) of 2020, which ended on 31 March. The latest figures reflect a 44% rise y-o-y from the EGP 634.2m recorded during the same period in the previous year.

During Q1 of 2020, MNHD’s presales increased 47% y-o-y to EGP 2.53bn from the EGP 1.72bn recorded during the same period of last year.

Presales were driven by strong demand for residential units in SARAI, combined with the sale of a residential plot of land in Taj City. On a standalone basis, revenues came in at EGP 796.5m for Q1 of 2020, up from the EGP 570.4m recorded during Q1 of 2019, and representing a 40% y-o-y top-line expansion.

Presales at Taj City and Tag Sultan recorded EGP 384m in Q1 of 2020, a marked contraction from the EGP 647m recorded in the same period last year. The decline has been attributed to the lack of project launches and the company’s concentration on SARAI during this quarter.

Total presales at MNHD’s SARAI development amounted to EGP 1,001m during Q1 of 2020, a significant increase compared to the EGP 634m in presales recorded in Q1 of 2019.

“The last month of Q1 of 2020 witnessed the unprecedented events due to the COVID 19 pandemic, and we continue to work hard in delivering good results during these times while maintaining the safety of our clients, partners and employees,” said MNHD Chief Executive Officer, Ahmed El Hitamy. “We continue to innovate in our product offering in order to maintain the superiority of our residential units offering clients the best in class in our two strategically located projects.”

In total, MNHD has over 10,000 units under development across eight key phases and projects in the Greater Cairo Area. These projects offer exposure to a broad socioeconomic spectrum of consumers.

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