Cairo – Mubasher: Madinet Masr Housing and Development, formerly known as Madinet Nasr Housing and Development (MNHD), registered EGP 304.36 million in consolidated net profit after tax during the first quarter (Q1) of 2023, up 152.93% from EGP 120.33 million in Q1-22.

The revenues hit EGP 1.04 billion in Q1-23, higher by 24.66% year-on-year (YoY) than EGP 841.63 million, according to the income statements.

In the first three months (3M) of 2023, the basic earnings per share (EPS) climbed by 105.08% to EGP 0.12 from EGP 0.05 in Q1-22.

Standalone Financial Results

MNHD posted a 153.15% YoY hike in standalone net profit after tax to EGP 304.38 million during January-March 2023, versus EGP 120.24 million.

Non-consolidated revenues enlarged by 24.05% to EGP 1.01 billion during Q1-23 from EGP 818.36 million in the year-ago period.

In 2022, the EGX-listed firm logged consolidated net profits after tax valued at EGP 736.73 million, a 160.48% jump from EGP 282.83 million in 2021, including non-controlling equity.

Last month, the company’s board greenlighted rebranding to Madinet Masr Housing and Development.