Cairo – Mubasher: The consolidated financial statements of Madinet Nasr Housing and Development (MNHD) showed a 6% year-on-year (YoY) drop in its net profits to EGP 482 million in the first half (H1) of 2020 from EGP 511 million.

The company’s revenues increased to EGP 1.3 billion in the January-June period, compared to EGP 1.09 billion in the same period in 2019, according to a bourse disclosure on Wednesday.

As for standalone business, MNHD reported net profits of EGP 474 million in H1-20, down from EGP 511 million in H1-19.

MNHD’s presales surged to EGP 3.7 billion in H1-20 from EGP 2.1 billion in H1-19 on the back of the strong demand for residential units in SARAI, along with the sale of a residential land plot in Taj City.

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