MNHD’s profit edges up 1.1% in H1-22

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Cairo - The consolidated financial statements of Madinet Nasr Housing and Development (MNHD) showed an annual growth of 1.10% in the company's net profit after tax during the first half (H1) of 2022.

Net profits of the real estate developer reached EGP 231.12 million during the January-June period in 2022, compared with EGP 228.60 million in the same period a year earlier, according to a bourse filing on Tuesday.

Basic earnings per share (EPS) recorded 0.106 in the six-month period ended 30 June 2022, compared to EGP 0.117 in the corresponding period in 2021.

Moreover, the company’s revenues soared to EGP 1.84 billion in H1-22, a jump of 93.19% when compared to EGP 954.59 million in H1-21.

As for the standalone financials, the company reported EGP 236.92 million in net profits during H1-22, up 1.37% from EGP 233.70 million in H1-21.

In the first quarter (Q1) of 2022, MNHD recorded a 5.10% yearly increase in consolidated net profits to EGP 120.33 million, from EGP 114.49 million, including minority shareholders' rights.