Madinet Nasr Housing & Development posted today Q2-14 standalone financial results, reporting revenues of EGP 107 million, an 8% increase over the same period in 2013. Net Income was EGP 46.9 million, a 6% increase quarter-on-quarter, while net profit margin was maintained at 44%.
Year-to-date, revenues are up 10% over the same period of 2013 at EGP 220 million, while net income rose 3% in 1H2014 to EGP 98 million.
H1consolidated financial results showed EGP 110.5 million net profit, with 4% growth compared with EGP 106.2 million in the year-ago period.
The company’s results were backed by a 19% year-on-year increase in total sales to EGP 494 million in 1H2014 on all company developments, as compared to EGP 415 million in 1H2013. Sales of Tag Sultan within the company’s Teegan development rose 51% year-on-year in 2Q2014 to EGP 203 million; sales grew 40% y-o-y in 1H2014 to EGP 436 million.
“We are particularly pleased with the performance of our ambitious Tag Sultan project,” said Engineer Ahmed El Hitamy, Managing Director of MNHD. “Strong sales reflect not only our robust marketing infrastructure, but also clear selling propositions based on providing residential units in strategic locations across Cairo at attractive price points.
“Going forward, we will continue to call on an outstanding team of professionals and a strong balance sheet with no land liabilities to create additional shareholder value as Egypt’s developer of choice for middle-income consumers,” said El Hitamy.
The company’s board has approved an EGP 25 million donation to the Government of Egypt’s Tahya Misr Fund, payable in installments over the coming five years.