Egypt: MNHD logs higher net profits in Q1-23

Madinet Nasr Housing and Development (MNHD) registered EGP 304.36 million in consolidated net profit after tax during the first quarter (Q1) of 2023, up 152.93% from EGP 120.33 million in Q1-22.

The revenues hit EGP 1.04 billion in Q1-23, higher by 24.66% year-on-year (YoY) than EGP 841.63 million, according to the income statements.

In the first three months (3M) of 2023, the basic earnings per share (EPS) climbed by 105.08% to EGP 0.12 from EGP 0.05 in Q1-22.

Standalone Financial Results

MNHD posted a 153.15% YoY hike in standalone net profit after tax to EGP 304.38 million during January-March 2023, versus EGP 120.24 million.

Non-consolidated revenues enlarged by 24.05% to EGP 1.01 billion during Q1-23 from EGP 818.36 million in the year-ago period.

In 2022, the EGX-listed firm logged consolidated net profits after tax valued at EGP 736.73 million, a 160.48% jump from EGP 282.83 million in 2021, including non-controlling equity.

Last month, the company’s board greenlighted rebranding to Madinet Masr Housing and Development.