MNHD completes development studies of new commercial zone within 6 months

Daily News Egypt
3 Min Read

Ahmed Haytami, the managing director of Madinet Nasr for Housing and Development (MNHD), said that the company achieved sales of EGP 2bn in the first quarter of this year, representing 40% of the target sales for 2017, estimated at EGP 5bn.

He added that the collection rate increased last year from 77% to 99%, noting that the sales in the first quarter of this year were higher than the fourth quarter of last year. The expected collections of the company in 2017 are estimated at EGP 1.4bn, compared to EGP 84m in 2011.

Haytami told Daily News Egypt that the sales of Sarai New Cairo’s two phases amounted to EGP 3bn. He said that the company plans to develop a new commercial zone on an area of 600,000 square metres in Taj City New Cairo, in the framework of the company’s efforts to diversify the structure of the company’s revenues with investments of EGP 15,000 per square metre. The building works will begin next year, while the studies of the project would be completed within six months.

Haytami pointed out that the company has launched the second phase of Sarai New Cairo on 21 Feburary 2016, with a price increase of 50% compared to the first phase. He revealed that all the units—amounting to 787—have been sold, while the prior deposits reached EGP 1.8bn, marking the highest bookings achieved by the MNHD within one month since its founding.

The company has concluded final contracts worth EGP 845m of total bookings, with expectations to conclude the remaining contracts worth EGP 904m soon. Haytami revealed that, in cooperation with CI Capital, the registration of international certificates of deposit in the London Stock Exchange will be completed within six weeks.

He added, in a conference held by the company on Wednesday, that the company has achieved a strong growth in sales in recent years, despite the economic crisis experienced in Egypt. The company recorded sales of EGP 3.4bn in 2016, compared to EGP 120m in 2011. He added that the company’s profits reached EGP 738m in 2016, compared to EGP 63m in 2011, while the company’s target profits are estimated at EGP 1.2bn in 2017.

The company plans to deliver 500 units from Taj City New Cairo in 2017, while it has already delivered 700 units over recent periods. On the other hand, the company achieved a total net profit of EGP 768.9m in 2016, compared to EGP 268m in 2015, with a growth rate of 287%.

The general assembly of the company approved dividends of EGP 0.30 per share, along with bonus shares, as well as the annual financial statements of the company.

Share This Article
Leave a comment