ArabFinance: Madinet Nasr Housing and Development (MNHD) registered a 70% decline in its profits during the first quarter (Q1) of 2021 , the companys unaudited financials to the Egyptian Exchange showed on May 30th.

The companys consolidated profit stood at EGP 114.49 million in Q1 2021, compared to EGP 378.177 million in Q1 2020.

As regards standalone businesses, the company recorded a net profit of EGP 115.92 million in Q1 2021, 69% lower when compared to EGP 371.61 million in the same period a year ago.

On a yearly basis, the companys consolidated net profit leveled up 2% to EGP 1 billion in 2020.

MNHD is an Egypt-based real estate development company that is engaged in activities related to the development of land, buildings, and facilities, including the acquisition of lands as well as real estate sales and rentals. This is in addition to providing all types of facilities for reconstruction in Nasr City and other areas nationwide.

Copyright 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.