EARNINGS WATCH- MNHD reports a net profit of EGP 869.1 mn in 9M2018: Madinet Nasr Housing & Development (MNHD) reported a consolidated net profit of EGP 869.1 mn in 9M2018, up 1.3% y-o-y from the same period last year, according to an MNHD earnings release on Sunday (pdf). Consolidated revenues were up 20.4% y-o-y in 9M2018 to EGP 2.06 bn. “The record number of deliveries we’ve made in 2018 and our accelerated construction schedule demonstrate the company’s commitment to satisfying our clients above all else,” said MNHD CEO Ahmed El Hitamy. “What is most reassuring is that we’ve been able to deliver this enhanced performance while keeping our costs at a reasonable level and maintaining the efficiencies we’ve worked to achieve over the previous quarters,” he added. MNHD delivered 511 units to its clients 9M2018, up 126% y-o-y and a record for the company. Presales were up 5% y-o-y to EGP 3.8 bn in 9M2018, driven by successful launches within MNHD’s Taj City and SARAI developments during the period. MNHD is presently the subject of an all-share acquisition bid by SODIC.

Cheesemaker Obour Land reported a net profit of EGP 179.3 mn in 9M2018, up 1.6% y-o-y from EGP 176.5 mn during the same period last year, the company said in an earnings release (pdf). Topline for the period reached EGP 1.77 bn, up 16.4% y-o-y from EGP 1.46 bn in 9M2017.