Madinet Nasr Housing and Development (MNHD) has announced injecting additional investments of EGP 486m in its two mega projects, Taj City and Sarai, during the second quarter (Q2) of 2021.
The company delivered a total of 352 units in Taj City, Sarai, and Nasr Gardens projects during H1 of 2021, compared to 85 units in H1 of 2020.
MNHD’s investments in infrastructure and construction works amounted to about EGP 1.18bn in H1 of 2021, reflecting a strong execution programme to complete and deliver about 4,000 units in Taj City and Sarai in 2021-2022.
Presales in Taj City recorded EGP 653m in H1 of 2021, compared to EGP 589m in the same period last year, while Sarai’s presales amounted to EGP 1.4bn during H1 of 2021.
Sarai is located on the Cairo-Suez Road, close to the New Administrative Capital.
MNHD has announced its financial results for the first half (H1) of 2021, reporting consolidated revenues of EGP 955m and consolidated net profit of EGP 229m, with a net profit margin of 24%.
On a standalone basis, revenues came in at EGP 891m, net profit at EGP 234m, and net profit margin at 26% during H1 of 2021.
The decline of land sales in H1 of 2021 resulted in relative decrease in revenues and net profits compared to H1 of 2020.
“MNHD financial results in Q2 of 2021 were backed by an extensive programme of project execution and unit delivery in Taj City and Sarai,” said MNHD’s Chairperson Hazem Barakat.
In total, MNHD has more than 10,000 units under development/design across 8 key phases/projects in the Greater Cairo area, offering exposure to a broad socioeconomic spectrum of consumers.