Egyptian real estate developer Madinet Nasr Housing and Development reports a 246% year-on-year growth in net profits in the first half of the fiscal year 2016/2017, which ended on June 31, 2017, Invest-Gate reports.

Profits reached EGP 509.57 mn in H1-17, compared to EGP 147.2 mn in H1-16.

Consolidated profits increased to EGP 1.16 mn in H1-17 from EGP 533.6 mn in H1-16. In addition, standalone profits amounted to EGP 512.65 mn in H1-17, compared to EGP 142.05 mn in the prior-year period, according to a bourse statement.

Contracted sales doubled year-on-year to EGP 576.8 mn in the second quarter of 2017, with the number of units sold in the same period increased by 42.4% to 252 units.