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Rana Mamdouh
The housing and development company Medinet Nasr announced its consolidated financial results for the first half, which showed a turnover down to 1.09 billion Egyptian pounds, against 1.27 billion pounds in the corresponding semester.
The company said in a statement to the stock exchange today that its refusal to postpone the launch of new phases of the Taj City project in the third quarter of this year, which has already been launched.
According to the release, the company has overseen the growth of contracts and bookings in most of its projects and has managed to expand the range of units proposed to include administrative areas.
The company said net bookings and bookings reached 2.06 billion pounds in the first half of this year, compared with 3.53 billion pounds in the corresponding half-year.
Nasr City attributed this decline to the strategic decision by the administration to postpone the launch of the planned new phases of the Taj City project in the third quarter of 2019.
The company reported delivering 126 units in the first six months of 2019, compared to 54 units in the same period in 2018.
In terms of independent financial results, revenues amounted to £ 938.0 million in the first half of 2019, compared to £ 1.02 billion in the same period last year.
This translates into a net profit of EGP 511.0 million, compared to EGP 574 million in the first half of 2018.
According to the statement, the contracts and bookings in the Taj City project amounted to 569 million pounds in the first half of 2019, the equivalent of 220 units, reflecting the impact of not launch new phases of the project during the same period. Note that the company expects to increase contracts and bookings during the second half of the year. Of the year.
With a total value of 100 billion Egyptian pounds, the Taj City project is an integrated residential community in downtown Cairo that includes large green spaces and will include a wide variety of residential complexes, health centers and health centers. clinics, an international school and commercial premises. It is home to many restaurants, galleries, shopping malls and other upscale amenities.
The Saraya project led the company's contracts and bookings in the first half of 2019, reaching nearly £ 767 million, an annual increase of 12 percent from £ 683 million for the same period last year. Last year.
This represented 453 units compared to 254 units during the same period last year. These results reflect the positive impact of the launch of S Villa's smaller units over the same period. Located in the new Cairo and near the new administrative capital, Sarai offers a unique mix of suburban and urban lifestyles.
In the first half of 2019, the company launched the first "Cobalt Business District" management project as part of the "Taj City" project, in which the new project provides a sophisticated work environment, via a complete administrative area including offices, hotels, apartments and public spaces, such as central meeting spaces The exchange of ideas and the rest of the time also contribute to the improvement of individual productivity. In addition to the project's scenic green spaces, which connect all office buildings to improve the productivity and overall well-being of employees, the project contracts and bookings reach 620 million people. Books During the first half of this year.
Ahmed Al Hitmi, chief executive of Medinet Nasr Housing and Development, said the company has been successful in maximizing its efficiency while continuing to increase its net profit margin, despite the strategic decision taken by management to postpone the launch of Q3 2019. planned new phases of the Taj City project.
This reflects the brand's strength of the company and its reputation for carrying out various high-end projects as well as speed of execution.
Al-Hitmi added that the company continued to record new contracts and reservations in all its projects and planned to significantly expand its business alongside the start of delivery of reserved and subscribed units.
He also highlighted the launch of the new "Cobalt Business District" administrative project in the first half of the year as the first administrative projects launched by the company, as part of the company's plans and aspirations to expand the range of real estate offered, in order to meet the growing demand for high-end and modern commercial spaces.
It should be noted that Madinet Nasr Housing is developing eight major projects / phases in Greater Cairo, where more than 10,000 housing units are under development and design.
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