Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) reported net profits of EGP 1 billion in 2020, slightly up by 2% year-on-year (YoY) from EGP 980.89 million, including minority shareholders’ rights.

The real estate developer achieved revenues of EGP 3.09 billion last year, up from EGP 2.2 billion in 2019, according to a bourse disclosure on Sunday.

The company’s standalone net profits increased to EGP 1.02 billion in 2020, compared to EGP 934.88 million a year earlier.

The board of directors recommended a cash dividend distribution of EGP 0.45 per share and a bonus issue with a nominal value of EGP 57.6 million.

The board approved the disclosure form of its decision to increase the company’s issued and paid-up capital to EGP 1.497 billion from EGP 1.44 billion through a 0.04-for-one bonus issue at a nominal value of EGP 1 apiece, totaling EGP 57.6 million.

In addition, it also decided to sell 7.26 million treasury stocks.

During the first nine months of 2020, MNHD reported net profits of EGP 628.99 million, slightly down from EGP 630.98 million in the prior-year period.