The WPJ
Residential Real Estate News
Egyptian Developer Reports Increase in Profit
Medinet Nasr for Housing and Development SAE, an Egypt-based public shareholding company, announced its net profit skyrocketed 102.6 percent in 2013.
The real estate development and housing company reported a 50 percent increase in sales, Reuters reports.
The the company reported its net profit reached 186.88 million pounds ($26.85 million) in 2013, compared with 92.24 million the previous year.
Sales for the company reached 658.48 million pounds, jumping from 438.97 million pounds in 2012.
Medinet developed the majority of Nasr City district, which covers an area of more than 40 million square meters, according to the company website.
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