Egypt – Madinet Nasr for Housing and Development (MNHD), one of Egypt’s urban community developers, announced its standalone financial results for the first quarter (1Q) of 2022, reporting a net profit of 120.2 million EGP and total revenue of EGP 818.4 million.
MNHD recorded gross contract sales of EGP 1.55 billion for Q1 2022, up 110.6% year-on-year.
The company delivered a total of 361 units in 1Q 2022, an 81.4% year-on-year increase from 199 units delivered in 1Q 2021. Revenue was 818.4 million EGP for 1Q 2022, up 82.2% YoY, driven by increased shipments. and secondarily by strong growth in gross contractual sales.
The company’s gross profit recorded EGP 271.5 million in Q1 2022, growing 12.4% year-on-year. MNHD’s gross profit margin recorded 33.2% in 1Q 2022 compared to 53.8% for 1Q 2021, the decline reflecting the dominance of unit delivery revenues in the composition of MNHD’s total revenues for 1Q 2022.
MHHD recorded an EBITDA of EGP 211 million for 1Q 2022, up 17.2% year-on-year. EBITDA margin was 25.8% for the quarter, down from 40.1% a year earlier. The company recorded a net profit of EGP 120.2 million for 1Q 2022, up 3.7% year-on-year and delivering a net profit margin of 14.7% compared to 25.8% for 1Q 2021.
Net debt stood at EGP 1,687.5 million in 1Q 2022, marking a decrease of 35.9% year-to-date (YTD).
Total receivables recorded EGP 3,050.7 million in March 2022, up 6.4% year-to-date and generating a net receivables/debt ratio of 1.5x for 1Q 2022.
Net inflows recorded EGP 836.3 million in Q1-2022, up 4.5% year-on-year. MNHD deployed EGP 381.1 million in construction and infrastructure CAPEX during the quarter, down from EGP 695.7 million expenditure reserved for Q1 2021 following the completion and delivery of several building projects.
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