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MNHD unaudited profits jump, proposes capital hike

MNHD unaudited profits jump, proposes capital hike

ArabFinance: Madinet Nasr Housing & Development (MNHD) announced in a statement sent to EGX, the Board was convened on February 25.

The Board approved the disclosure report to increase issued and paid capital to LE1,150,000,000 from LE997,100,389.

The Capital hike will be through the distribution of free stocks amounting to 0.15334424967 share for every existing share, at a nominal value of LE1, financed from profits of the year 2017.

Moreover, the company stated its unaudited financial results ending December 2017, which revealed posting a standalone net profit of LE943,297,203 after taxes, versus net profits of LE738,770,573 a year ago, representing 27.68% growth.

Moreover, the company posted a consolidated net profit of LE933,053,186 after taxes, versus net profits of LE768,900,846 a year ago, representing 21.35% growth.

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