Arab Finance: Madinet Nasr Housing and Development (MNHD) posted a 3.7% year-on-year (YoY) increase in standalone net profit after tax for the first quarter (Q1) of 2022, according to the company’s standalone financial statement filed to the Egyptian Exchange (EGX) on May 22nd.
The company’s standalone net profit after tax amounted to EGP 120.24 million in Q1 2022, compared to EGP 115.92 million in Q2 2021.
Moreover, the net operating revenue grew to EGP 818.36 million in the three-month period ended March 31st from EGP 449.17 million in the same quarter last year.
In Q1 2022, MNHD has generated gross contracted sales of EGP 1.55 billion, surging by 110.6% YoY from EGP 739.2 million.
Founded in 1959, MNHD is an Egypt-based real estate developer that was listed on the Egyptian Exchange (EGX) in 1996.