{"id":582805,"date":"2023-02-27T00:00:00","date_gmt":"2023-02-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/27\/mnhd-earnings-surge-in-2022-on-record-sales-gb-auto-net-income-up-on-mnt-stake-sale\/"},"modified":"2023-02-27T00:00:00","modified_gmt":"2023-02-27T00:00:00","slug":"mnhd-earnings-surge-in-2022-on-record-sales-gb-auto-net-income-up-on-mnt-stake-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/27\/mnhd-earnings-surge-in-2022-on-record-sales-gb-auto-net-income-up-on-mnt-stake-sale\/","title":{"rendered":"MNHD earnings surge in 2022 on record sales, GB Auto net income up on MNT stake sale"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Record sales for MNHD in 2022:<\/span><span style=\"\">Madinet Nasr Housing and Development\u2019s (MNHD) net income more than doubled in 2022 on the back of a surge in revenues, <\/span><span>the company said in its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/02\/MNHD-ER-FY22-E-FINAL-.pdf\" style=\"\">e<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/02\/MNHD-ER-FY22-E-FINAL-.pdf\" style=\"\">arnings release<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/02\/MNHD-ER-FY22-E-FINAL-.pdf\" style=\"\">(<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/02\/MNHD-ER-FY22-E-FINAL-.pdf\" style=\"\">pdf)<\/a><\/span><span style=\"font-weight:400;\"> yesterday. Net income surged 165% y-o-y to EGP 747 mn during the year after a rise in deliveries and record-breaking gross contracted sales caused revenues to more than double to EGP 5.2 bn. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Sales climber in terms of both number and value of units sold:<\/span><span> MNHD\u2019s gross contracted sales more than tripled to a record EGP 11.2 bn on the sale of 3.2k units in 2022, triple <\/span><span>the <\/span><span>number of units it sold a year before. More than half of sales were in the company\u2019s Taj City project, with the remainder coming from Sarai. Meanwhile, deliveries doubled to more than 2k during the year. MNHD\u2019s newly-acquired subsidiaries <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2021\/12\/16\/mnhd-ga-completes-fair-value-study-of-minka-60831\/\" style=\"\">Minka<\/a><\/span><span style=\"font-weight:400;\"> and related special purpose vehicle EgyCan generated another EGP 1.2 bn in sales that didn\u2019t show up in MNHD\u2019s consolidated results 2022, it said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">On a 4Q basis:<\/span><span style=\"font-weight:400;\"> Net income grew more than eightfold to EGP 202.5 mn on revenues of EGP 2.15 bn, up 173% on 4Q 2021.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Shareholders are in line for a payout:<\/span><span>The board has prop<\/span><span>osed paying out a dividend of 15 piasters <\/span><span>per share, according to an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/02\/MNHD-BOD-report-26-2-2023.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said: <\/span><span>\u201c<\/span><span style=\"font-weight:400;\">Despite a challenging operating environment, we pushed ahead with our growth,\u201d management said. \u201cWhile inflationary pressures have generally hindered consumer purchasing power, it benefitted MNHD as people resorted to the real estate market to safeguard their financial interests.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SOUND SMART- In real estate, sales \u2260 revenues.<\/span><span> With off-plan sales dominating the industry, most real estate companies book a sale when you sign a contract to buy a home. But they only record (some or all) of the value of the unit it sold you when it (a) delivers the unit to you or (b) hits a percentage completion on a total project. In most cases, then, revenues are composed of sales from past periods, while sales in a given quarter will be recognized as revenues in the future when units are completed or delivered<\/span><span>.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ECONOMIC HEADWINDS WEIGH ON GB AUTO REVENUES-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MNT stake sale boosts GB Auto amid challenging market conditions:<\/span><span style=\"\"> GB Auto\u2019s net <\/span><span>income rose in 4Q 2022 thanks to the sale of its stake in MNT Investments, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/enterprise.press\/wp-content\/uploads\/2023\/02\/GB-Auto-ER-4Q22-E-FINAL.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span> released yesterday. The company reported EGP 8.7 bn in net income in the final quarter of the year, up from EGP 412.6 mn the year prior, after recording a EGP 8.2 bn gain from the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/30\/mnt-agrees-to-sell-21-7-stake-to-chimera-investments-85344\/\" style=\"\">sale of a 7.5% stake<\/a><\/span><span style=\"font-weight:400;\"> in the Netherlands-based payments company.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FX shortage + import crisis hits revenues:<\/span><span style=\"font-weight:400;\"> The company\u2019s revenues fell almost 25% y-o-y to EGP 6.9 bn during the quarter on what it described as \u201cchallenging market conditions.\u201d A shortage of FX and import restrictions caused the passenger car market to contract by almost 75% during the quarter, causing revenues from the segment to plunge by more than 60% to EGP 1.4 bn, it said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Financing arm sees growth:<\/span><span> GB Capital reported a 11% increase in revenues while net income rose 25%<\/span><span> to EGP 847.1 mn<\/span><span style=\"font-weight:400;\"> excluding proceeds from the MNT sale.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In 2022:<\/span><span style=\"\"> The company\u2019s net income ros<\/span><span style=\"\">e 26%<\/span><span style=\"\"> to <\/span><span style=\"\">EGP 1.8 bn<\/span><span style=\"\"> (excluding the MNT gains) in 2022 <\/span><span>even <\/span><span style=\"font-weight:400;\">as revenues slipped 5% to EGP 29.8 bn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said:<\/span><span style=\"font-weight:400;\"> \u201cThe past year has truly tested the resilience of our business model and the strength of our market position. We believe that the CBE's adoption of a flexible exchange rate will ease import restrictions and improve supply levels in the course of 2023. However, inflationary pressures are likely to persist. We expect the market will take a few quarters to stabilize and we will closely monitor the effects of inflation on purchasing power and consumer demand across our lines of business,\u201d GB Auto CEO Nader Ghabbour said. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Record sales for MNHD in 2022:Madinet Nasr Housing and Development\u2019s (MNHD) net income more than doubled in 2022 on the back of a surge in revenues, the company said in its earnings release(pdf) yesterday. Net income surged 165% y-o-y to EGP 747 mn during the year after a rise in deliveries and record-breaking gross contracted [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":582806,"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":[144,409,72,241,353,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-automotive","tag-earnings-watch","tag-enterpriseam","tag-gb-auto","tag-madinet-masr-for-housing-and-development","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"d6e9b903-2939-47e7-b124-045df0e29557","is_powered_by":false,"story_type":"1","photo_url":"http:\/\/enterprise.press\/wp-content\/uploads\/2022\/11\/Earnings-img-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582796],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.146d6a58-e35a-4f6d-b2b5-003c89d55470.mp3"},"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>MNHD earnings surge in 2022 on record sales, GB Auto net income up on MNT stake sale - 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\/2023\/02\/27\/mnhd-earnings-surge-in-2022-on-record-sales-gb-auto-net-income-up-on-mnt-stake-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MNHD earnings surge in 2022 on record sales, GB Auto net income up on MNT stake sale\" \/>\n<meta property=\"og:description\" content=\"Record sales for MNHD in 2022:Madinet Nasr Housing and Development\u2019s (MNHD) net income more than doubled in 2022 on the back of a surge in revenues, the company said in its earnings release(pdf) yesterday. 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Consolidated revenues\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548488,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/mnhd-revenues-double-in-2q-2022\/","url_meta":{"origin":582805,"position":2},"title":"MNHD revenues double in 2Q 2022","author":"enterpriseam admin","date":"10 August 2022","format":false,"excerpt":"Madinet Nasr Housing and Development\u2019s (MNHD) revenues more than doubled in 2Q 2022 due to a rise in deliveries, it said in its earnings release (pdf) yesterday. The real estate company reported EGP 972.3 mn in revenues for the quarter, up from EGP 441.4 mn in the same period last\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":647584,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/15\/earnings-watch-gb-auto-mnhd-oriental-weavers-amer-group-porto-group\/","url_meta":{"origin":582805,"position":3},"title":"Earnings Watch: GB Auto, MNHD, Oriental Weavers, Amer Group, Porto Group","author":"enterpriseam admin","date":"15 May 2017","format":false,"excerpt":"EARNINGS WATCH- GB Auto swung to a net loss of EGP 154.5 mn on revenues of EGP 2.96 bn in 1Q17 compared a net profit of EGP 28.6 mn a year ago. GB Auto CEO Raouf Ghabbour said that while the market was paralyzed during January and February, \u201cMarch gave\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571814,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/01\/earnings-watch-arafa-holding-mnhd\/","url_meta":{"origin":582805,"position":4},"title":"Earnings Watch: Arafa Holding, MNHD","author":"enterpriseam admin","date":"1 June 2020","format":false,"excerpt":"EARNINGS WATCH- Madinet Nasr Housing & Development\u2019s (MNHD) net profit grew 13.7% in 1Q2020 to reach EGP 378.1 mn, up from EGP 332.3 mn in the same period last year , according to an EGX disclosure (pdf). Revenues surged by 48% on an annual basis, reaching EGP 941.9 mn during\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601100,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/19\/egypts-mnhd-reports-a-net-profit-of-egp-1-1-bn-in-2018\/","url_meta":{"origin":582805,"position":5},"title":"Egypt\u2019s MNHD reports a net profit of EGP 1.1 bn in 2018","author":"enterpriseam admin","date":"19 February 2019","format":false,"excerpt":"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\u2019s earnings release (pdf). 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