Medinet Nasr reports 102.6% surge in full-year profits

March 13, 2014 10:11 am

Egypt’s Medinet Nasr for Housing and Development, a public shareholding company engaged in real estate development and housing, has posted a 102.6% surge in its net profit in 2013, on the back of a 50% jump in sales, Reuters has reported. The net profit of the company reached EGP186.88m ($26.85m) in the year ending in December 2013, compared with EGP92.24m in 2012. Sales by Medinet Nasr increased 50% to EGP658.48m from EGP438.97m in 2012.