Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) recorded a 70% decline in the consolidated net profits attributable to the equity holders of the parent company to EGP 114.498 million in the first quarter (Q1) of 2021, compared to EGP 378.177 million in the year-ago period.

The company's revenues decreased by 46% to EGP 493.134 million in Q1-21 from EGP 914.882 million in Q1-20, according to a bourse filing on Sunday.

The earnings per share (EPS) settled at EGP 0.072 in the first three months of 2021, against EGP 0.240 in the corresponding period of 2020.

Meanwhile, the company's standalone profits reached EGP 115.92 million in the January-March period of 2021, down 69% from EGP 371.619 million in the same period of 2020.

It is noteworthy to mention that in 2020, the company reported net profits of EGP 1 billion, slightly up by 2% year-on-year (YoY) from EGP 980.89 million, including minority shareholders’ rights.