Cairo – Mubasher: The unaudited consolidated financial results of Madinet Nasr Housing and Development (MNHD) showed net profits of EGP 484.65 million in the first half (H1) of 2020, down by 6% year-on-year (YoY) from EGP 515.68 million.

The company’s revenues increased to EGP 1.31 billion in the six-month period ended on 30 June from EGP 1.088 billion in the prior-year period, according to a bourse disclosure on Tuesday.

As for standalone business, MNHD reported net profits of EGP 473.85 million in H1-20, down from EGP 511.26 million in H1-19.

It is worth mentioning that in 2019, the company’s net profits slid to EGP 1 billion from EGP 1.11 billion in 2018.