EARNINGS WATCH- MNHD reports a net profit of EGP 1.11 bn in 2018: Madinet Nasr Housing & Development (MNHD) reported a consolidated net profit after tax of EGP 1.11 bn in 2018, up 19% y-o-y from EGP 933.1 mn in 2017, according to the company’s earnings release (pdf). Consolidated revenues were up to EGP 2.78 bn, a 14.6% increase y-o-y from 2017. “Net profit exceeds the EGP 1 bn-mark, for the first time ever, on the back of robust revenue growth, and bottom-line margin expansion,” the company said in a separate disclosure (pdf). “MNHD’s performance during the year is a vindication of the strategy we have chosen to pursue in recent years,” CEO Ahmed El Hitamy said. MNHD was recently a target of an all-share acquisition bid by SODIC, but the talks broke down as the two failed to reach an agreement on the share-swap ratio.

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