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Madinet Nasr eyes EGP 6B contracted sales in 2022

Madinet Nasr eyes EGP 6B contracted sales in 2022

Arab FinanceMadinet Nasr Housing and Development (MNHD) is seeking to generate around EGP 6 billion in contracted sales during 2022, as well as raising the prices of its units in new projects by around 15%, the company's CEO Hassan Abdallah Sallam told Asharq Business in an interview on June 2nd.

The company has already increased the prices by 7% since the beginning of the year as it has a stock of ready-for-delivery units, Sallam added, pointing out that the potential 15% raise could be implemented right away or in phases.

He further revealed that his company will launch nearly six new projects until the end of 2022, of which most are parts of Taj City and Sarai mega projects.

Located on about 3.5 million square meters (sqm) with around EGP 100 billion of investments, Taj City is a complete residential compound in Middle Cairo. Sarai is situated on 5.5 million sqm in New Cairo, near the New Administrative Capital.

Madinet Nasr has developed up to 35% of its 9.5 million sqm land portfolio, Sallam said, noting that it is pursuing the development of the remainder over the next five years.

He also attributed the slight increase in the company’s profits in the first quarter (Q1) of 2022 to struggling projects, as well as cancelations which exceeded EGP 750 million.

The company is keen on achieving better profits in Q2, compared to Q1, Sallam said, adding that his company has delivered 1,090 units in 2021.

Moreover, he pointed out that the company aims to deliver over 2,000 units in 2022, and 3,000 in 2023.

Madinet Nasr is seeking financings of over EGP 1 billion through the offering of securitized bonds or partnership sukuk, Sallam unveiled.

It is worth noting that the company holds liquidity of over EGP 1.5 billion and a loan portfolio of about EGP 3.5 billion.

Madinet Nasr Housing generated gross contracted sales of EGP 1.55 billion in Q1 2022, surging by 110.6% year-on-year (YoY).

 The company reported a 5.1% YoY increase in consolidated profits attributable to the parent company during Q1 2022.

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