Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) posted a 15.7% year-on-year profit retreat during the first half of 2019.

The company’s net profit fell to EGP 515.686 million in the six-month period ended 30 June, compared to EGP 611.728 million in the corresponding period of 2018, according to a statement to the Egyptian Exchange (EGX) on Thursday. 

Meanwhile, revenues declined by 14.07% to EGP 1.088 billion in the January-June period of 2019, compared to EGP 1.266 billion in the year-ago period.

At the level of standalone business, the company’s profit dropped to EGP 511.268 million in H1-19 from EGP 574.388 million in H1-18.

It is noteworthy that during the first quarter of 2019, MNHD’s net profits amounted to EGP 332.3 million in Q1-19, compared to EGP 313.5 million in Q1-18.