Madinet Nasr Housing and Development’s (MNHD) announced its financial results for the first quarter (Q1) of 2016, stating a revenue of EGP 169.7 million for the period, and recording an increase of 176% in comparison to that of Q1 2015, reported Daily News Egypt.

Gross and bottom-line profitability remained at a solid 65.3% and 39.1%, respectively, with net profit after tax standing at EGP 66.4 million, an almost two-fold increase compared to that of Q1 of 2015 when the company registered EGP 33.7 million.

Revenue growth continues to be driven by unit sales in MNHD’s various projects as well as unit deliveries at the company’s Tag Sultan development, with a deliveries target of 450 units for 2016.

On a consolidated basis, revenues in Q1 of 2016 came in at EGP 237.7 million, recording an increase of 103% in comparison to the same period in 2015. Net income is EGP 68.6 million, recording a 90% increase compared to the same period last year.

Consolidated financials include the results of two contracting companies owned by MNHD. Meanwhile, MNHD’s contracted sales during Q1 2016 stood at EGP 211.5 million, up 143% compared to the EGP 87.2 million posted in Q1 2015.

MNHD has more than 7,600 units under development in five key projects in the Greater Cairo Area, offering exposure to a broad socioeconomic spectrum of consumers.