Cairo – Mubasher: The standalone financial statements of Madinet Nasr Housing and Development (MNHD) showed a 24.9% year-on-year decline in net profit during the first nine months of 2019.

The company’s net profit went down to EGP 613.28 million from January to September 2019, compared to EGP 816.74 million in the year-ago period, according to a bourse statement released on Tuesday.

Revenue declined to EGP 1.18 billion in the nine-month period ended September, against EGP 1.72 billion the year before.

In the third quarter of 2019, the Egypt-listed developer’s profit dropped to EGP 102.01 million, compared to EGP 242.35 million in Q3-18.

MNHD’s unaudited consolidated financial results showed a 27.4% year-on-year decrease in its profit during the nine-month period ended 30 September.