{"id":562645,"date":"2021-06-01T04:00:45","date_gmt":"2021-06-01T04:00:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/drop-in-1q-income-thanks-to-unfavorable-base-effect-mnhd\/"},"modified":"2021-06-01T04:00:45","modified_gmt":"2021-06-01T04:00:45","slug":"drop-in-1q-income-thanks-to-unfavorable-base-effect-mnhd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/drop-in-1q-income-thanks-to-unfavorable-base-effect-mnhd\/","title":{"rendered":"Drop in 1Q income thanks to unfavorable base effect -MNHD"},"content":{"rendered":"<p><strong>EARNINGS UPDATE-<\/strong> The sizable fall in Madinet Nasr Housing and Development\u2019s (MNHD) net income in 1Q2021 was due to an unfavorable base effect caused by a land sale in 2020, the company said in <a href=\"https:\/\/ent.news\/2021\/6\/%D8%A8%D9%8A%D8%A7%D9%86-%D8%B5%D8%AD%D9%81%D9%89-%D8%B9%D9%86-%D9%86%D8%AA%D8%A7%D9%8A%D9%94%D8%AC-%D8%A7%D8%B9%D9%85%D8%A7%D9%84-%D8%A7%D9%84%D8%B1%D8%A8%D8%B9-%D8%A7%EF%BB%BB%D9%88%D9%84-%D9%A2%D9%A0%D9%A2%D9%A1.pdf\">a press release (pdf)<\/a> yesterday. MNHD\u2019s earnings statement showed that net income <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bb07626-7dd6-4781-b36b-588ad9d6fc07\">fell 70% y-o-y<\/a> in 1Q2021 \u2014 reflecting the fact that the comparable period last year included EGP 1.15 bn in proceeds from the sale of a 115k-square-meter land plot.<\/p>\n<p><strong>Crunching the numbers:<\/strong> The real estate developer this week reported net income of EGP 114.5 mn in 1Q, down 70% from EGP 378 mn in 2020. Revenues were down 46% to EGP 493.1 mn during the three-month period. Excluding the land sale, net income during the quarter fell 3% while presales grew 6% to EGP 1.5 bn, MNHD said yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EARNINGS UPDATE- The sizable fall in Madinet Nasr Housing and Development\u2019s (MNHD) net income in 1Q2021 was due to an unfavorable base effect caused by a land sale in 2020, the company said in a press release (pdf) yesterday. MNHD\u2019s earnings statement showed that net income fell 70% y-o-y in 1Q2021 \u2014 reflecting the fact [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[409,72,353],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562645","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-madinet-masr-for-housing-and-development","wpautop","entry"],"acf":{"mongo_id":"4e2bfd40-fc76-4035-9b81-7a46b1bb43bb","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[562633],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Drop in 1Q income thanks to unfavorable base effect -MNHD - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/drop-in-1q-income-thanks-to-unfavorable-base-effect-mnhd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Drop in 1Q income thanks to unfavorable base effect -MNHD\" \/>\n<meta property=\"og:description\" content=\"EARNINGS UPDATE- The sizable fall in Madinet Nasr Housing and Development\u2019s (MNHD) net income in 1Q2021 was due to an unfavorable base effect caused by a land sale in 2020, the company said in a press release (pdf) yesterday. MNHD\u2019s earnings statement showed that net income fell 70% y-o-y in 1Q2021 \u2014 reflecting the fact [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/drop-in-1q-income-thanks-to-unfavorable-base-effect-mnhd\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-01T04:00:45+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/drop-in-1q-income-thanks-to-unfavorable-base-effect-mnhd\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/drop-in-1q-income-thanks-to-unfavorable-base-effect-mnhd\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Drop in 1Q income thanks to unfavorable base effect -MNHD\",\"datePublished\":\"2021-06-01T04:00:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/drop-in-1q-income-thanks-to-unfavorable-base-effect-mnhd\/\"},\"wordCount\":134,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"earnings watch\",\"EnterpriseAM\",\"Madinet Masr for Housing and Development\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/drop-in-1q-income-thanks-to-unfavorable-base-effect-mnhd\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/drop-in-1q-income-thanks-to-unfavorable-base-effect-mnhd\/\",\"name\":\"Drop in 1Q income thanks to unfavorable base effect -MNHD - 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Revenues declined 27% y-o-y to EGP 954.5 mn during the six-month period, compared to the EGP 1.3\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562610,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/31\/mnhds-consolidated-net-income-falls-70-in-1q2021\/","url_meta":{"origin":562645,"position":1},"title":"MNHD\u2019s consolidated net income falls 70% in 1Q2021","author":"enterpriseam admin","date":"31 May 2021","format":false,"excerpt":"Madinet Nasr Housing and Development\u2019s (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\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555342,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/earnings-watch-contact-financial-beltone-mnhd-nilesat\/","url_meta":{"origin":562645,"position":2},"title":"Earnings watch: Contact Financial, Beltone, MNHD, NileSat","author":"enterpriseam admin","date":"10 November 2021","format":false,"excerpt":"Contact Financial\u2019s net income rose 65% to EGP 114 mn in 3Q2021 from the same period in 2020, according to the company\u2019s financials (pdf) out yesterday.The results reflect growth in Contact\u2019s financing business\u2026 Contact\u2019s net income from financing across the first nine months of the year rose 60% y-o-y to\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546579,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/earnings-watch-orascom-construction-mnhd-gb-auto\/","url_meta":{"origin":562645,"position":3},"title":"Earnings watch: Orascom Construction, MNHD, GB Auto","author":"enterpriseam admin","date":"22 May 2022","format":false,"excerpt":"Orascom Construction\u2019s (OC) net income slid 45% in 1Q 2022 due to deepening losses at Besix, according to its earnings release (pdf). The construction giant reported a USD 13.1 mn profit in the January-March quarter, down from USD 23.9 mn last year, as Belgium-based construction group\u2019s losses widened to USD\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/281.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621277,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/mnhd-reports-a-net-profit-of-egp-869-1-mn-in-9m2018\/","url_meta":{"origin":562645,"position":4},"title":"MNHD reports a net profit of EGP 869.1 mn in 9M2018","author":"enterpriseam admin","date":"5 November 2018","format":false,"excerpt":"EARNINGS WATCH- MNHD reports a net profit of EGP 869.1 mn in 9M2018: Madinet Nasr Housing & Development (MNHD) reported a consolidated net profit of EGP 869.1 mn in 9M2018, up 1.3% y-o-y from the same period last year, according to an MNHD earnings release on Sunday (pdf). 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