EARNINGS WATCH- Madinet Nasr Housing & Development (MNHD) reported a 246% y-o-y increase in consolidated net profits to EGP 509.6 mn for the first half of the year, according to the company’s earnings release (pdf). Consolidated revenues grew 131% y-o-y in 1H2017 to EGP 1.16 bn. “With almost EGP 2.5 bn in contracted sales during the first six months of 2017, MNHD is on a steady course to meeting its full-year targets,” said MNHD CEO Ahmed El Hitamy. The company will continue to push forward with efforts to launch new phases at its Taj City development and is expected to announce the second phase of its T-Zone development soon. The company is guiding for continued strong sales in the second half, with El Hitamy noting, “Heading into the second half of the year, we’re gearing up for yet another round of launches that will drive sales growth and capture pent-up demand for our benchmark properties.”

MNHD will be holding its 2Q2017 results conference call today at 3.30 pm Cairo time, with El Hitamy, CFO Mohamed Abdel Salam, and Director of Investor Relations Salah Katamish.