Cairo – Mubasher: The initial financial results of Madinet Nasr Housing and Development (MNHD) recorded a 5.10% year-on-year (YoY) increase in consolidated net profits to EGP 120.33 million in the first quarter (Q1) of 2022 from EGP 114.49 million, including the minority shareholders' rights.

The company generated revenues of EGP 841.63 million in Q1-22, up 70.67% from EGP 493.13 million in Q1-21, according to a bourse filing on Thursday.

As for the standalone businesses, the company's net profits reached EGP 120.24 million in the first three months (3M) of 2022, 3.72% higher than EGP 115.92 million in the year-ago period.

It is noteworthy to mention that in 2021, the consolidated net profits of MNHD retreated by 72% to EGP 282.83 million from EGP 1 billion in 2020.