Egypt's MNHD sees 70% drop in profit

The company’s consolidated profit stood at $7.3mln in Q1 2021

  

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

The company’s 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 company’s 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.

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