The Clap
Madinet Nasr for Housing and Development (MNHD) recorded a net profit of EGP 120.2 million in Q1-2022, compared to profits of EGP 115.9 million in the same period in 2021.
The deets
The company’s revenues also increased during the three months to EGP 818.4 million, compared to EGP 449.2 million during the same period in 2021.
Profit drivers
The growth in profits was due to the increase in the company’s unit delivery rate, which increased by 81.4% as it reached 361 units in Q1-2022.
The company stated that Q1-2022’s delivery rate represents 33.33% of the total units delivered in all of 2021.
For Madinet Nasr’s full earnings release, click here.
