The “Nasr City for Housing and Development” company sold 824 thousand treasury shares during last Thursday’s session, pointing to the disposal of all treasury shares in its possession.
The Board of Directors of Madinet Nasr Housing and Development had approved the dividend distribution project for the year 2020 until it was presented to the Ordinary General Assembly for approval.
The project included cash distributions to shareholders at a rate of 45 piasters per share in installments during 2021, and free shares to shareholders with a nominal value of 57.6 million pounds.
The Board approved the report on the disclosure of the increase in the issued and paid-up capital by 57.6 million pounds in the form of free shares, from 1.44 billion pounds to 1.497 billion pounds by 0.04 shares per share at nominal value of 1 pounds per share funded from 2020 profits.
The Board approved procedures for selling 7.26 million treasury shares.
“Madinet Nasr Housing and Development” company achieved a total combined revenues of 3.1 billion pounds during the year ending last December 31.
The company recorded a net profit of one billion pounds during the year 2020, with a net profit margin of 32% and a growth rate of 2% compared to 2019.
In terms of independent results, sales revenues amounted to about 2.75 billion pounds during 2020, and net profit reached 1.02 billion pounds, with a net profit margin of 37%, a growth rate of 9% compared to 2019.
Contracts and reservations increased in 2020 by 11% to reach 7 billion pounds, thanks to the increase in demand for Taj City and Sarai projects, as the total units sold in the two projects in 2020 amounted to 1,548 thousand units, compared to 1,301 thousand units sold in 2019, an increase of 19%.
The area of units sold in 2020 amounted to about 258 thousand square meters of buildings compared to the area of units sold in 2019, about 212 thousand square meters of buildings, an increase of 22%, in addition to the sale of residential lands with integrated services in the Taj City project with a total area of 198 thousand square meters.
Madinet Nasr Housing sold and delivered 440 units in the Nasr Gardens project in 6th of October City.
Construction costs reached 3.5 billion pounds during 2020, a significant growth of 102%, compared to 1.7 billion pounds in 2019.
The company indicated that this reflects the robust program to implement facilities and constructions to complete the program of handing over 4,000 housing units to clients in the Taj City and Saray projects.
She explained that Nasr City for Housing began handing over units to clients in the Zone T and Sarai 1 projects, starting from the third quarter of 2020, and the delivered units in 2020 reached 327 units, compared to 177 delivered in 2019, an increase of 85%.
The company monitored the realization of contracts and reservations for residential, administrative units and lands for the Taj City project in Zone T, Taj Gardens, Block 20K, and Shalya, as well as the distinguished administrative assembly, which amounted to about 3.5 billion pounds in 2020 compared to 2.7 billion pounds in 2019.
The Saray project maintained strong contracts and bookings at about 3.2 billion pounds for the second year in a row.
In this context, Ahmed Al-Haytami, Managing Director of Madinet Nasr Housing and Development Company, explained that despite the circumstances in which economic activity in general and the real estate market in particular was experienced as a result of the spread of the Covid-19 epidemic and the precautionary measures that this entailed and the slowdown of some economic activities during 2020, The company has achieved strong results based on the physical, administrative, financial and human assets that the company possesses and has enabled it to adopt flexible strategies that respond efficiently to market changes through sales activation programs that focus on cash sales, as well as selling lands to real estate developers to provide different products from what the company offers.
Al-Hitmi added that the company achieved good cash flows, which enabled it to allocate 648 million Egyptian pounds to make cash distributions to shareholders for the year 2020 at a rate of 0.45 pounds per share.
He added that in addition to the cash dividends, the company is planning a free distribution of shares at a rate of 4% of the issued capital, explaining that the company’s policy focuses at the current stage on translating the profits achieved into cash flows in the shortest possible period of time to help investors achieve good cash returns from Their investment in the company’s shares.
The article “Nasr City for Housing” ends with Mona selling all treasury shares last Thursday and was written in Al-Borsa newspaper.