Egypt's MNHD posts 12% profit rise

The company said the loan will be used to finance part of the investment costs of Sarai 1 and 2 projects

  

ArabFinance: Madinet Nasr Housing and Development (MNHD) posted a 12% Year on Year increase in its consolidated net profit for quarter one (Q1) of 2020, according to the company’s May 21st statement filed to the Egyptian Exchange.

Consolidated net profit reached EGP 380,094,097 in Q1, compared to EGP 332,301,801 achieved in Q1 2019.

In the same quarter, standalone net profit reached EGP 371,619,649, compared to EGP 332,129,687 achieved in Q1 2019.

The company inked a long-term joint financing loan of EGP 2.1 billion with National Bank of Egypt, Arab African International Bank, and Banque Misr.

The company said the loan will be used to finance part of the investment costs of Sarai 1 and 2 projects.

MNHD is an Egypt-based real estate development company. The company is engaged in activities related to the development of land, buildings, and facilities, including the acquisition of lands, real estate sale and rental, and providing all types of facilities for reconstruction in Nasr City and other areas nationwide.

 

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