Arab Finance: Madinet Nasr for Housing and Development (MNHD) announced that its net profits climbed by 164.5% year-on-year (YoY) in 2022, according to the firm’s 2022 earnings release report emailed to Arab Finance on February 26^th.

The company achieved a net profit of EGP 747.4 million in 2022, compared to EGP 282.6 million in 2021.

The company's revenues increased 145.8% YoY to EGP 5.155 billion, compared to EGP 2.097 billion in 2021.

Moreover, the real estate developer recorded gross contracted sales of EGP 11.236 billion last year, up by 224.4% YoY from EGP 3.464 billion.

Meanwhile, the MNHD’s board approved in principle the payment of cash dividends worth EGP 0.15 per share to shareholders for last year's profits.

Established in 1959, MNHD is a leading real estate developer dedicated to building large-scale communities in strategic locations across Egypt.

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