MNHD’s consolidated net income down 53% in 1H2021

Madinet Nasr Housing and Development’s (MNHD) consolidated net income fell 53% y-o-y in 1H2021 to EGP 228.6 mn, down from EGP 481.9 mn the year before, according to the company’s unaudited financials (pdf). Revenues declined 27% y-o-y to EGP 954.5 mn during the six-month period, compared to the EGP 1.3 bn recorded in H12020. The decline is in part due to an unfavorable base effect caused by a one-time land sale that resulted in EGP 1.15 bn in proceeds in the comparable period last year. The company did not release adjusted figures to allow an apples-to-apples comparison, and the release does not include an update on new sales in 1H.