Egypt’s urban developer Madinet Nasr Housing and Development (MNHD) posted a consolidated net profit of EGP 869.1 mn for the first nine months of 2018, up 1.3% year-on-year (YoY) from the year-ago period, Invest-Gate reports.

In addition, MNHD’s consolidated revenues climbed up 20.4% YoY during the period from January to September of this year to reach EGP 2 bn versus EGP 1.7 bn in the same period of 2017, the company said in a bourse filing on November 4.

“The record number of deliveries we have made in 2018 and our accelerated construction schedule demonstrate the company’s commitment to satisfying our clients above all else,” MNHD CEO Ahmed El Hitamy said.

“What is most reassuring is that we’ve been able to deliver this enhanced performance while keeping our costs at a reasonable level and maintaining the efficiencies we’ve worked to achieve over the previous quarters,” he added.

MNHD’s total contracts reached 949 during the first nine months of 2018 and are estimated at EGP 2 bn, driven by successful launches within its residential project Taj City.

With investments of EGP 60 bn and a land area of 900 acres near New Cairo, Taj City is in close proximity to Cairo International Airport (CAI) and offers an easy access to Cairo’s key districts, featuring an array of luxurious residential units, commercial areas, retail stores, medical facilities, and international academic offerings.

The mixed-use development offers units with sizes ranging from 83 to 300 square meters, with varying modules. Interested buyers are to benefit from Taj City’s ten-year installment plan with 0% down payment.