The Madinet Nasr for Housing and Development (MNHD) announced, on Wednesday, its results for the nine-month period ending on 30 September 2020.
The company reported consolidated revenues of EGP 1.8bn, reflecting a rise of 22% year-on-year (y-o-y) from the EGP 1.4bn recorded during the corresponding period of 2019.
MNHD said that the consolidated net profit increased 14% y-o-y to EGP 1,138m in the first nine months of 2020. This compared to the EGP 997m recorded during the same period last year, reflecting a net profit margin of 35.8% in this time period.
During the first nine months of 2020, MNHD’s presales increased 21% y-o-y to EGP 4.5bn, compared to EGP 3.7bn recorded during the same period of last year. Presales were driven by strong demand for residential units in SARAI, combined with the sale of a residential plot of land in Taj City.
For the third quarter (Q3) of 2020, MNHD achieved outstanding results represented in recognised growth in contracted sales, revenues, gross profit, and net profits of 114%, 106%, 64%, and 59%, respectively.
This comes in comparison with the results of Q3 of 2019, with investment in construction and infrastructure increasing 60% in Q3 of 2020 to EGP 797m, compared to EGP 499m in Q3 of 2019.
Furthermore, MNHD has started delivery of sold units to customers in the Taj City-Zone T and Nasr Gardens projects in the 6th of October city. The company has delivered a total of 261 units across the two projects.
MNHD CEO Ahmed El-Hitamy said, “During these unprecedented health circumstances, we are committed to our clients’ delivery dates as well as introducing innovative products to the market.”
“We developed and implemented alternative plans to accommodate and mitigate the possible negative impacts on our operational results,” he added, “We continue to offer the best in class residential and commercial units in our two flagship locations in Cairo, and we are looking forward to launching outside of Cairo soon.”
El-Hitamy said that MNHD has already bought a new 104 feddan mixed-use community in West Assuit West, at a cost of about EGP 500m.
“This is a good add-up to MNHD strategic land bank, and it opens a spectrum of business to MNHD outside of Greater Cairo,” he said.
In total, MNHD has over 10,000 units under development or design across eight key phases/projects in the Greater Cairo Area, offering exposure to a broad socioeconomic spectrum of consumers.