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Medinet Nasr posts net profit of EGP187m

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Rueters – Egypt’s Medinet Nasr for Housing and Development SAE on Wednesday said its net profit jumped 102.6% in 2013 on the back of a 50% rise in sales.

The net profit of the company, according to data it published on Wednesday in the Al-Akhbar newspaper, reached EGP 186.88m ($26.85m) in the year ending in December 2013 compared with EGP 92.24m in 2012.

Sales by Medinet Nasr, a public shareholding company engaged in real estate development and housing, increased 50% to EGP 658.48m from EGP 438.97m in 2012.

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