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MNHD's profit inches down in 9M

MNHD's profit inches down in 9M
The property developer generated EGP 1.76 billion in sales
Madinet Nasr Housing
MNHD
-0.60% 3.30 -0.02

Cairo – Mubasher: The unaudited consolidated financial results of Madinet Nasr Housing and Development (MNHD) showed net profits of EGP 628.99 million in the first nine months of 2020, slightly down from EGP 630.98 million in the year-ago period.

The property developer generated EGP 1.76 billion in sales in the January-September period, compared to EGP 1.44 billion in the corresponding period a year earlier, according to a bourse disclosure on Wednesday.

As for standalone business, the company’s net profits rose to EGP 635.66 million in the nine-month period ended 30 September from EGP 613.28 million in the prior-year period.

During the first half (H1) of 2020, MNHD logged EGP 482 million in net profits, down from EGP 511 million in H1-19.