Madinet Nasr Housing and Development (MNHD), an urban developer in Egypt, has achieved consolidated revenues of EGP 2.78bn, representing year-over-year (Y-o-Y) growth of 14.6% in 2018, compared to EGP 2.43bn at the end of 2017, according to the company’s press statement regarding financial results for the year ending 31 December 2018.
The statement said that deliveries continued to grow during the fiscal year (FY) 2017/18, underpinning a 19.0% y-o-y increase in MNHD’s consolidated net profit to EGP 1.11bn from EGP 933.1m in FY 2016/17.
At the end of 2018, MNHD’s net profit margin stood at 39.9% as against 38.4% a year previously, up 1.5 percentage points.
“Presales grew by 7% y-o-y from EGP 5.1bn in FY 2016/17 to record EGP 5.5bn for FY 2017/18. Growth in presales for the year was largely driven by successful launches at MNHD’s Taj City and SARAI developments, as well as a marked acceleration in launches at Tag Sultan during the last quarter of the year. Total unit sales (excluding land plots) stood at 2,074 units by year-end 2018, up from 1,978 units in FY 2017. The year also saw a growth in construction spend to EGP 992m compared to EGP 915m in FY 2016/17,” the statement read.