Egypt’s property developer Madinet Nasr Housing and Development (MNHD) reported a consolidated net profit of EGP 631 mn during the first nine months of 2019, a decline from EGP 869.1 mn during the same period last year, Invest-Gate

Revenues also dropped to EGP 1.4 bn during the three-quarter period ended September 30, compared to EGP 2.1 bn in the prior-year period, the company said in a bourse filing.

MNHD attributed its weak performance to the fewer deliveries scheduled in 2019 due to a three-to-four-year gap delivery policy, together with a 3% drop in gross presales, backed by lower launches targeted for this year.

Presales reached EGP 3.7 bn in the first nine months of 2019, compared to EGP 3.8 bn in the same period last year, according to the statement. The company ascribed this year’s presales to successful releases within its New Cairo compound, Sarai, in addition to the newly-launched office park in east Cairo’s Taj City, dubbed “Cobalt Business District.”

All in all, MNHD has more than 15,000 units under development across five projects in Greater Cairo, according to the statement.