Medinet Nasr Housing (MNHD) reported its operating and financial highlights for 2Q18. Contracted sales came in at EGP1,435mn (+89.4% Y-o-Y, -c6.7% Q-o-Q), with 602 units being sold (+83% Y-o-Y). Sales were driven by the company’s two projects:

- Taj City (c52% of total): sales came in at EGP744.2mn.
- Sarai (43% of total): sales came in at EGP620.6mn.

Contracted sales in 1H18 totalled EGP2,550mn (+5.9% Y-o-Y). MNHD plans to market Sarai’s first stand-alone units in 3Q18 with the launch of Cavana Lakes.

On the reporting side, Revenue grew by 61.2% Y-o-Y and 7.4% Q-o-Q to EGP656.2mn. Gross profit was up 157% Y-o-Y and 4.7% Q-o-Q to EGP511.7mn and earnings were up 165% Y-o-Y, but down 12% Q-o-Q, to EGP274.5mn. This brings 1H18 revenues to EGP1.3bn (+9.0% Y-o-Y), gross profit to EGP1bn (+26.2% Y-o-Y) and earnings to EGP588mn (+15.5% Y-o-Y).

Nasr City Housing: EGP10.36 as of 1 Aug. 2018, MCap: USD579mn, MNHD EY/MNHD.CA

Mai Attia
Karim Mahmoud Sherif