Madinet Nasr Housing and Development (MNHD), an Egypt-based real estate developer, released its second quarter financial statements, recording revenues of EGP 220.2 million, reported Daily News Egypt.

MNHD’s net profits for the second quarter amounted to EGP 166.2 million, with a net profit margin of 34.4%, a 59.3% increase compared to the same period in 2015, Innfrad News reported.

The company witnessed a boom in sales of new contracts, recording EGP 500.3 million in 2016 compared to EGP 316.1 million for the same period last year, constituting a growth rate of 58.3%.

“The second quarter of 2016 was a particularly strong quarter for MNHD, witnessing impressive increases in both top- and bottom-line, on the back of a strong growth in sales and increased deliveries at the Tag Sultan project,” said Ahmed El Hitamy, MNHD CEO.

Tag Sultan is a 300,000 square meter residential project and was sold out early this year.

MNHD intends to continue this trend of growth and will focus on its flagship development project, Taj City, and develop new phases of SARAI project, added El Hitamy.