By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt’s IDA gears up to provide its services for investors online
    Egypt’s IDA gears up to provide its services for investors online 
    March 29, 2023
    Egypt. Germany discuss promotion of cooperation in communications, digital transformation
    Egypt, Germany discuss promotion of cooperation in communications, digital transformation
    March 29, 2023
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    March 29, 2023
    Volatile trading on EGX amid anticipation of interest rate movement
    Volatile trading on EGX amid anticipation of interest rate movement
    March 29, 2023
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    March 29, 2023
  • Politics
    PoliticsShow More
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    March 29, 2023
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    March 29, 2023
    UAE President appoints Khaled bin Mohamed bin Zayed as Crown Prince of Abu Dhabi
    UAE President appoints Khaled bin Mohamed bin Zayed as Crown Prince of Abu Dhabi
    March 29, 2023
    Al-Sisi directs development of imams to keep abreast of contemporary issues
    Al-Sisi directs development of imams to keep abreast of contemporary issues
    March 29, 2023
    Egyptian Health Minister directs accelerating completion of New Heart Institute in El-Shorouk 
    Egyptian Health Minister directs accelerating completion of New Heart Institute in El-Shorouk 
    March 29, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Madinet Nasr Housing and Development records net profits of EGP 1.1bn in 2020
Share
Notification
Latest News
Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
Egypt. Germany discuss promotion of cooperation in communications, digital transformation
Egypt, Germany discuss promotion of cooperation in communications, digital transformation
Business
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Business
Volatile trading on EGX amid anticipation of interest rate movement
Volatile trading on EGX amid anticipation of interest rate movement
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Real Estate > Madinet Nasr Housing and Development records net profits of EGP 1.1bn in 2020
Real Estate

Madinet Nasr Housing and Development records net profits of EGP 1.1bn in 2020

Alyaa Stohy
Last updated: 2021/03/01 at 11:53 AM
By Alyaa Stohy 3 Min Read
Share
MNHD
SHARE

Madinet Nasr Housing & Development (MNHD) announced, on Sunday, its business results for 2020, revealing that it saw net profit of EGP 1.1bn. 

This reflected a net profit margin of 32%, and a growth rate of 2% compared to 2019. It also reported consolidated revenues of EGP 3.1bn.

Presales grew by 11% year-on-year (y-o-y) from EGP 6.3bn in fiscal year (FY) 2018/19, to record EGP 7bn in FY 2019/20. Growth in presales for the year was largely driven by increased demand on Taj City and Sarai developments.

The total number of units sold in Taj City and Sarai in 2020 was 1,548 units, compared to the 1,301 units sold in 2019, reflecting an increase of 19%. Total built-up area (BUA) of units sold in Taj city and Sarai in 2020 stood at 258,000 sqm, compared to 212,000 sqm sold in 2019, an increase of 22%. 

In addition to this, the company saw the sale of 198,000 sqm of mix-use land in Taj City. MNHD sold and delivered 440 units in its Nasr Gardens project, located in the 6th of October City. 

The company invested EGP 3.5bn in construction and infrastructure works in 2020, an 102% increase from 2019’s EGP 1.7bn, paving the way to continue delivery of around 4,000 units in SARAI and Taj City. 

“While 2020 was a challenging year for the economy in general, and the real estate market in particular, due to the novel coronavirus (COVID-19) pandemic and associated precautionary measures, MNHD continued delivery of outstanding operational performance and financial results backed by strong capabilities of land bank, managerial, financial, and human resources,” according to MNHD CEO Ahmed El Hitamy, “[This] enabled MNHD to adopt flexible strategies to efficiently response to market developments, through promotional cash sale programmes, and sale of land to other real estate developers offering products different from MNHD’s.”

Commenting on the dividends, El Hitamy added, “The Company has realised good cash inflows to secure EGP 648m for cash dividends to our shareholders (EGP 0.45/share).”

He noted that the company plans for a 4% stock dividend, and will continue work on converting its profits in a short time into dividends to shareholders. This will enable them to monetise the return on their investment in MNHD.

You Might Also Like

TMG declares EGP 400m in dividends for 2022

Strong presence of Egypt’s real estate developers in MIPIM in Cannes

Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment

Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom

DNE Awards honours Saudi Egyptian Developers for “Best diversified 50 landmark projects developed within 50 years”

TAGGED: Madinet Nasr Housing and Development, MNHD
Share this Article
Facebook Twitter Email Print
Previous Article Sherine Shohdy CDC sees tremendous investment opportunities in Egypt, driven by government’s pro-business stance
Next Article Fierce competition between lenders, Fintech, Big Tech marks financial services post-COVID-19
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
Egypt. Germany discuss promotion of cooperation in communications, digital transformation
Egypt, Germany discuss promotion of cooperation in communications, digital transformation
Business
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?