Nasr City Housing (MNHD) reported its operating and financial headlines for 2Q16 and 1H16:      Strong contracted sales, totalling EGP500.3mn in 1H16 (+58% Y-o-Y) implying EGP289mn in 2Q16 (+26% Y-o-Y). Contracted sales total EGP809mn YTD, through 15 August (+140% Y-o-Y) Deliveries at Tag Sultan were at 83 units in 1H16, bringing total deliveries to c294 units, with plans to ramp up deliveries to 450 units before end of 2016 The company started recognising revenue from Capital Gardens in 2Q16 MNHD was given the green light to increase the allowable heights at its SARAI development to 21m (from a max of 15-18m) MNHD plans to commence sales of phase I of Sarai in 2H16 and is considering an EGP1bn long-term debt facility to speed up infrastructure work Revenue came in at EGP295.9mn in 2Q16 (+41% Y-o-Y), gross profit EGP174.5mn, translating into a gross profit margin (GPM) of 59%. Net income rose 13.4% to reached EGP78.6mn 1H16 revenue totalled EGP533.6mn (+63.4% Y-o-Y), gross profit EGP291.7mn (+69.3% Y-o-Y), translating into a GPM of 54.7% (vs. 52.8% in 1H15), while net income was EGP142.8mn (+40% Y-o-Y)   The company has also announced that its board had agreed to convert up to one-third of its shares into GDRs. (Company disclosure, Mai Attia, Sara Boutros)