Cairo – Mubasher: Madinet Masr Housing and Development, formerly known as Madinet Nasr Housing and Development (MNHD), acquired the entire shares of Mink for Real Estate Investment and Egykan for Real Estate Development.
Madinet Masr completed the transaction at a total value of EGP 200 million on 13 July, according to a recent bourse filing.
In the first quarter (Q1) of 2023, the EGX-listed company posted 152.93% higher consolidated net profits at EGP 304.36 million, versus EGP 120.33 million in Q1-22.
Revenues amounted to EGP 1.04 billion during the January-March 2023 period, up 24.66% year-on-year (YoY) from EGP 841.63 million.
As for the standalone business, the net profits after tax hiked by 153.15% to EGP 304.38 million in Q1-23 from EGP 120.24 million in Q1-22, while the revenues grew by 24.05% to EGP 1.01 billion from EGP 818.36 million.
