Madinet Nasr net income up 90% Y-o-Y in 1Q16
Madinet Nasr Housing Company reported its financial headline figures for 1Q16. Reported revenue was EGP207mn (+81% Y-o-Y), likely on increased deliveries, particularly in Taj Sultan, which started in 4Q15. Gross profit was EGP117mn (up 94% Y-o-Y), translating into a gross profit margin of 56.6% in 1Q16, up from 52.7% in 1Q15. Net income grew 90% to reach EGP69mn. (Company disclosure)
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