Egypt’s urban developer Madinet Nasr Housing and Development (MNHD) is posting consolidated net profits of EGP 407.2 mn in the first quarter of 2017, a surge of 493.6% y-o-y from EGP 68.6 mn in the same period a year earlier, Invest-Gate reports.

The company’s sales increases by 262.6% y-o-y to EGP 751.7 mn in Q1 from EGP 207.3 mn.

On a standalone basis, net profits amount to EGP 406.2 mn in the three-month period ended 31 March 2017, up 511% y-o-y from EGP 66.4 mn in the prior-year period, the company’s statement shows.

“In our first full quarter post the float of the Egyptian Pound, we are seeing strong signs that demand for real estate remains resilient,” the company’s CEO Ahmed El Hitamy says. “Egypt’s real offerings are becoming increasingly attractive to Egyptian expatriates alongside strong local demand.”

The company announced its attempt to launch new phases at its Taj City development by the second half of 2017.