MNHD’s consolidated net income falls 70% in 1Q2021

Madinet Nasr Housing and Development’s (MNHD) consolidated net income fell 70% to EGP 114.5 mn in 1Q2021, down from EGP 378 mn in the same period last year, according to its quarterly financials (pdf). Revenues followed suit with a 46% y-o-y decline to reach EGP 493.1 mn during the three-month period, compared to the EGP 914.9 mn recorded in the same quarter last year.