Cairo - Mubasher: Pharos Research has reiterated the overweight recommendation of Madinet Nasr for Housing and Development (MNHD), according to a research note issued on Thursday.

MNHD is planning to launch a new phase in SARAI called Cavana Lakes in the third quarter of the year in an effort to get closer to its sales target of around EGP 5.5 to 6 billion.

MNHD reported a 20% year-on-year surge in net profits in the first half of 2018 due to a growth in revenues.

The Egyptian developer generated EGP 611.72 million in profits in the six-month ended June, versus EGP 509.57 million in H1-17, according to a filing to the Egyptian Exchange (EGX).