The Madinet Nasr Housing & Development company (MNHD) has reported an 83% year-on-year (y-o-y) presales increase to EGP 3.7bn in the first half (H1) of 2020. This compares against the EGP 2.1bn recorded during the same period last year.
Presales were driven by strong demand for residential units in SARAI project, combined with the sale of a residential plot of land in Taj City.
MNHD also reported consolidated revenues of EGP 1.3bn in H1 of 2020, which ended on 30 June. The latest figures represent a rise of 21% y-o-y from the EGP 1.09bn recorded during the same period of 2019.
The company’s consolidated net profit for H1 of 2020 decreased 6% y-o-y to EGP 482mn in H1 of 2020, reflecting a net profit margin of 36.7% from the EGP 511mn recorded during the same period last year.
Presales at Taj City recorded EGP 363m in H1 of 2020, marking a contraction from the EGP 569m recorded in H1 of 2019. This was due to the lack of launches and MNHD’s concentration on SARAI this period.
Total presales at the SARAI development amounted to EGP 2,038m during H1 of 2020, a significant increase compared to the EGP 767m in presales recorded in H1 of last year. SARAI is located directly on the Cairo-Suez Road, in close proximity to the New Administrative Capital (NAC).
“During these unprecedented times we are committed to our clients’ delivery dates as well as introducing innovative products to the market,” said Ahmed El Hitamy, MNHD’s CEO. “We continue to offer best in class residential and commercial units in our two flagship locations and we are looking forward to launching outside of Cairo soon.”
In total, MNHD has over 10,000 units under development/design across eight key phases/projects in the Greater Cairo Area, offering exposure to a broad socioeconomic spectrum of consumers.