Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) generated consolidated net profits after tax worth EGP 736.73 million in 2022, an annual hike of 160.48% from EGP 282.83 million, including non-controlling equity.
The basic earnings per share (EPS) stood at EGP 0.30 in the 12-month period that ended on 31 December 2022, higher by 115.60% than EGP 0.14 a year earlier, according to the unaudited income statements.
Revenues enlarged by 139.25% year-on-year (YoY) to EGP 5.33 billion in 2022 from EGP 2.23 billion.
Standalone Financial Results
The real estate developer witnessed a 164.45% YoY leap in standalone net profit after tax to EGP 747.43 million as of 31 December 2022, versus EGP 282.63 million.
Non-consolidated revenues widened by 145.75% to EGP 5.15 billion last year from EGP 2.09 billion in 2021, whereas the EPS jumped by 119.86% to EGP 0.31 from EGP 0.14.
Dividends
The board of MNHD proposed a cash dividend distribution of EGP 0.15 per share for 2022 over two instalments.
Capital Raise
The board members also decided to increase the company’s issued and paid-up capital by EGP 35 million to EGP 2.13 billion from EGP 2.10 billion.
In order to carry out the capital hike transaction, the EGX-listed firm will issue 35 million shares at a nominal value of EGP 1 per share.
Meanwhile, the capital raise value will be allocated for the motivation and reward system.
During the first half (H1) of 2022, MNHD logged consolidated net profits after tax worth EGP 231.12 million, up 1.10% YoY from EGP 228.60 million.
