MNHD Registers EGP 236.9 mn in Profits in H1

MNHD Registers EGP 236.9 mn in Profits in H1

Madinet Nasr for Housing and Development (MNHD) releases its standalone financial results for the six months ended June 30th 2022, Invest-Gate reports.

The company recorded a net profit of EGP 236.9 mn and total revenues of EGP 1.79 bn in H1 2022. It also generates EGP 972.3 mn in revenues and a net profit of EGP 116.7 mn in Q2 2022.

MNHD registered gross contracted sales of EGP 3,342.3 mn for H1 2022, an increase of 117.3% y-o-y. Further, the company’s gross contracted sales hiked 122.8% y-o-y to EGP 1.78 bn in Q2 2022

Moreover, revenues reached EGP 1.8 bn for H1 2022, up by 101.1% when compared to H1 2021, driven by an increase in deliveries and strong growth in gross contracted sales.

MNHD records revenues of EGP 972.3 mn in Q2 2022, with an increase of 120.3% when compared to the same period a year ago.

As for gross profit, the company recorded EGP 547.3 mn in H1 2022, climbing 6.8% from H 2021. MNHD’s gross profit margin registered 30.6% in H1 2022 versus 57.5% for H1 2021. Additionally, gross profit reached EGP 275.8 mn in Q2 2022, up 1.9% when compared to the corresponding period of 2021.

Furthermore, MNHD made net cash collections of about EGP 1.6 bn for H1 2022, up 8.8% versus EGP 1.5 bn collected in H1 2021. Also, net cash collections amount to EGP 797.7 mn in Q2 2022, an increase of 13.8% y-o-y versus EGP 701.2 mn collected in Q2 2021.

MNHD deploys construction and infrastructure CAPEX of EGP 798.9 mn in H1 2022, a decrease of 32.4% y-o-y from the EGP 1,2 mn in H1 2021. On a quarterly basis, MNHD made construction and infrastructure CAPEX outlays of EGP 417.8 mn for Q2 2022, down from EGP 486.3 mn in Q2 2021.

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