Egypt’s urban developer Madinet Nasr Housing and Development (MNHD) has recorded a significant increase in its consolidated net income by 165% y-o-y in the second quarter of 2018, Invest-Gate reports.

MNHD’s net income has rose from EGP 103.5 mn in Q2 2017 to EGP 274.5 mn Q2 2018, according to a company’s bourse filing.

The company’s revenues have also witnessed a 61.2% increase y-o-y to EGP 656.2 mn Q2 2018, whilst pre-sales logged a twofold hike to mark EGP 1.4 bn in the same period compared to EGP 757.6 mn last year. The rise is driven by sales of 602 units during Q2 2018, up from 329 units in the prior-year period.

“MNHD continues to push forward with the launch of new phases at its Taj City development following the success of its third phase, Shayla, in November 2017. Taj City’s amended master plan, which was approved in January 2018, will see the development boast an integrated urban community that enjoys vast green spaces within the heart of the city, offering both the conveniences of city life and the comforts of suburban living,” according to the company’s bourse filing.

“As we continue to push forward with new launches during the second half of the year, we remain confident in MNHD’s ability to achieve sustained y-o-y growth in both its top-and-bottom-line,” MNHD CEO Ahmed El Hitamy is quoted as saying.

In total, the urban developer has over 10,000 units under development at five major projects in Greater Cairo, securing exposure to a vast socioeconomic spectrum of consumers, the filing reveals.