Egyptian real estate developer Medinet Nasr Housing and Development (MNHD) reported on Tuesday net profits in the six months to July of LE98 million, representing a three percent increase from the same period a year earlier.
The company's top line rose ten percent in the first six months of this year compared to the same period last year to register LE220 million.
Middle and upper-middle class housing project, Tag Sultan, was the main driver for the developer's boost in total sales which climbed 19 percent to LE494 million in the first half of 2014.
“We are particularly pleased with the performance of our ambitious Tag Sultan project,” said Ahmed El-Hitamy, managing director of MNHD.
The Tag Sultan project, built on an area of 300,000 square metres, achieved 40 percent growth in sales to LE436 million in the first half of 2014 due to the sale of 380 units.
In the second quarter of 2014, standalone net profits were LE46.9 million, a six percent increase quarter on quarter, while revenues were LE107 million.
The board of directors also approved a donation worth LE25 million to be paid over the next five years to the Long Live Egypt fund which was launched by President Abdel-Fattah El-Sisi to support the Egyptian economy
The buyout fund, Beltone Investment Group, owns a 23 percent stake in MNHD while 54 percent of the developer's shares float in the stock market at LE46.66 per share on 12 August.