Last checked at 5 Aug 2020 14:25
Madinet Nasr Housing & Development announces results for 1H 2020, with net profit coming in at EGP 481.9 million on the back of solid top-line growth fueled by increased presales in SARAI / Taj City Land Plot
Highlights from 1H 2020 Consolidated Financials | |||||||||||||||||||||||
Revenues EGP 1.3 bn | Gross Profit EGP 819.6 mn | GP Margin 62.4% | |||||||||||||||||||||
EBIT EGP 612.4 mn | Net Income EGP 481.9 mn | Net Profit Margin 36.7% | |||||||||||||||||||||
Highlights from 1H 2020 Standalone Financials | |||||||||||||||||||||||
Revenues EGP 1.09 bn | Gross Profit EGP 799.4 mn | GP Margin 73.3% | |||||||||||||||||||||
EBIT EGP 598.3 mn | Net Income EGP 473.9 mn | Net Profit Margin 43.5% | |||||||||||||||||||||
Presales Breakdown by Project (EGP mn)
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Madinet Nasr Housing & Development (EGX: MNHD.CA, "MNHD"), a leading urban developer in Egypt, announced today its results for the first half ending 30 June 2020, reporting consolidated revenues of EGP 1.3 billion, up 21% y-o-y from the EGP 1.09 billion recorded during the first half of 2019. Consolidated net profit for 1H 2020 decreased 6% y-o-y to EGP 482 million in 1H 2020 from the EGP 511 million recorded during the same period last year, reflecting a net profit margin of 36.7% 1H 2020.
During the first half of the year MNHD's presales increased 83% y-o-y to EGP 3.7 billion from the EGP 2.1 billion recorded during the same period of last year. Presales were driven by strong demand for residential units in SARAI combined with the sale of a residential plot of land in Taj City.
On a standalone basis, revenues came in at EGP 1.09 billion for 1H 2020 up from the EGP 937 million recorded during the same period last year and representing a 16% y-o-y top-line expansion. Standalone net profit reported a 7% y-o-y decrease to EGP 474 million compared to EGP 511 million recorded in the first half of 2019. Net profit margin came in at 43.5%.
Presales at Taj City recorded EGP 363 million in 1H 2020. This marked a contraction from the EGP 569 million recorded in the first half of last year due to lack of launches and the company's concentration on SARAI this period. Taj City is a gated integrated urban community spread over 3.5 million square meters, and boasting vast green spaces within the heart of Cairo, offering both the conveniences of city life and the comforts of suburban living. Once completed, the c.EGP 100 billion project will boast a wide variety of high-end residential communities, medical facilities, an international school and commercial areas with restaurants, shopping malls, an exhibition center and other attractions.
Total presales at MNHD's SARAI development amounted to EGP 2,038 million during 1H 2020 a significant increase compared to the EGP 767 million in presales recorded in the first half of last year. SARAI is located directly on the Cairo-Suez road, in close proximity to the New Administrative Capital, and offers residents a highly sought-after mix of urban-suburban exposure. During prior periods, SARAI witnessed several market launches, including the Cavana Lakes sub-development, which boasts SARAI's first standalone units, and frequent expansions at existing launches.
"During these unprecedented times we are committed to our clients' delivery dates as well as introducing innovative products to the market." said MNHD's Chief Executive Officer, Ahmed El Hitamy. "We continue to offer best in class residential and commercial units in our 2 flagship locations and we are looking forward to launching outside of Cairo soon."
In total, MNHD has more than 10,000 units under development/design across eight key phases/projects in the Greater Cairo Area, offering exposure to a broad socioeconomic spectrum of consumers.
MNHD's 1H 2020 audited standalone and consolidated financial statements are now available for download on www.mnhd.com.
-Ends-
MNHD Summary Financial Results for Half-Year Period Ended 30 June 2020 | |||||||||
Separate Financial Statements | |||||||||
Financial Indicators | |||||||||
Amounts in Egyptian Pounds | |||||||||
Statement of Income for Period from 1 Jan 2020 to 30 June 2020 | |||||||||
Half-Year Ended | Half-Year Ended | Change | |||||||
30-June-20 | 30-June-19 | % | |||||||
Revenues | 1,090,521,973 | 937,387,919 | 16% | ||||||
Gross Profit | 799,365,968 | 772,763,322 | 3% | ||||||
Gross Profit Margin | 73.3% | 82.44% | -11% | ||||||
Net Profit Before Tax | 614,122,707 | 660,561,253 | -7% | ||||||
Net Profit After Tax | 473,853,033 | 511,268,237 | -7% | ||||||
Basic EPS | 0.29 | 0.32 | -9% | ||||||
Statement of Financial Position as of 30 June 2020 | |||||||||
30- June -20 | 31-Dec-19 | Change % | |||||||
Net Working Capital | 6,252,496,056 | 6,322,845,408 | -1% | ||||||
Total Shareholders' Equity | 3,864,657,318 | 4,164,937,208 | -7% | ||||||
Paid-in Capital | 1,440,000,000 | 1,440,000,000 | - | ||||||
Statutory Reserve | 270,705,792 | 223,961,329 | 21% | ||||||
Retained Earnings | 1,700,865,973 | 1,566,086,623 | 9% | ||||||
Profit for the Period/Year | 473,853,033 | 934,889,256 | -49% | ||||||
Treasury Shares | (20,767,480) | - | - | ||||||
Statement of Cash Flows for Period from 1 Jan 2020 to 30 June 2020 | |||||||||
Half-Year Ended | Half-Year Ended | Change | |||||||
30-June-20 | 30-June-19 | % | |||||||
Cash Flows used in Operations | -1,100,846,455 | -19,067,669 | 5673.4% | ||||||
Cash flows used in Investment | -8,938,380 | -3,186,902 | -180.5% | ||||||
Cash Flows from Finance | 666,845,162 | 202,740,020 | 228.9% | ||||||
MNHD Summary Financial Results for Half-Year Period Ended 30 June 2020 |
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Consolidated Financial Statements |
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Financial Indicators Amounts in Egyptian Pounds |
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Consolidated Statement of Income for Period from 1 Jan 2020 to 30 June 2020 |
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Half-Year Ended | Half-Year Ended | Change |
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30-June-20 | 30- June-19 | % |
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Revenues | 1,314,288,039 | 1,088,739,322 | 21% |
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Gross Profit | 819,646,393 | 784,802,874 | 4% |
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Gross Profit Margin | 62.36% | 72.08% | -13% |
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Net Profit Before Tax | 626,703,659 | 667,806,617 | -6% |
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Net Profit After Tax | 484,656,840 | 515,686,103 | -6% |
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Net Profit After Minority Interest | 481,944,392 | 980,895,727 | -51% |
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Basic EPS | 0.30 | 0.32 | -6% |
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Statement of Financial Position as of 30 June 2020 |
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30-June-20 | 31-Dec-19 | Change % |
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Net Working Capital | 6,502,122,875 | 6,573,651,290 | -1% |
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Total Shareholders' Equity | 4,055,305,420 | 4,355,167,956 | -7% |
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Paid-in Capital | 1,440,000,000 | 1,440,000,000 | 0% |
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Statutory Reserve | 270,705,792 | 223,961,329 | 21% |
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Retained Earnings | 1,776,703,531 | 1,599,997,287 | 11% |
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Net Profit for Parent company shareholders | 481,944,392 | 980,895,727 | -51% |
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Treasury Shares | (20,767,480) | - | - |
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Statement of Cash Flows for Period from 1 Jan 2020 to 30 June 2020 |
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Half-Year Ended | Half-Year Ended | Change |
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30-June-20 | 30-June-19 | % |
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Cash Flows (used in)/from Operations | -1,094,436,150 | 2,792,073 | -39298% |
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Cash flows (used in) Investment | -8,956,822 | -4,414,598 | -103% |
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Cash Flows from Finance | 660,538,286 | 196,817,587 | 236% |
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Madinet Nasr Housing & Development (MNHD) is a leading Egyptian urban developer. Since inception, the company has initiated and completed a number of key developments, including the majority of the Nasr City district in the Greater Cairo Area, which covers an area of more than 40 million square meters and is home to 3 million people. MNHD's land bank includes 3.5mn sqm in a prime location inside Cairo across from Cairo International Airport and 5.5mn sqm in a strategic location on the Suez Road. You can learn more about us on our website at mnhd.com.
Ahmed El Hitamy
CEO
MNHD
4, Youssef Abbas St.
Nasr City, Cairo
Tel: +2 (02) 2400-6207
aelhitamy@mnhd.com
Salah Katamish
Director of Investor Relations
MNHD
4, Youssef Abbas St.
Nasr City, Cairo
Tel: +2 (02) 2400-6207
skatamish@mnhd.com