Egypt’s Madinet Nasr Housing and Development (MNHD) has unveiled that its presales stood at EGP 3.77 bn in H1 2020, going up by 83% YoY from EGP 2.06 bn in the year-ago period, Invest-Gate reports.

The rise in presales is mainly driven by the robust demand for the developer’s flagship project in east Cairo SARAI, with the compound’s upfront payments hitting EGP 2.04 bn during the first half of 2020, compared to EGP 767 mn in the prior-year period, MNHD noted in a bourse filing on July 8.

This is paired with inflows from selling a plot at a total value of EGP 1.15 bn in Q1 2020, the EGX-listed real estate company further stated without revealing the land area or location.

It is worth noting that MNHD did not post any commercial transactions in H1 2020 versus presales of EGP 620 mn in the corresponding period last year.

Commenting on the results, CEO of MNHD Ahmed El Hitamy pointed out, “We are very pleased with the presales figures so far during this difficult time … We look forward to continuing this positive momentum as we enter the second half of the year.”

In Q1 2020, MNHD registered net profits of EGP 380 mn, up from EGP 332.3 mn in the year-ago period, according to its previous financial statements.