27 Feb 2018 14:39
Date: 27th of February 2018
Please be advised that the Board of Directors of Madinet Nasr for Housing Development (MNHD) convened today, Sunday 25 February 2018, at the company's premises.
The meeting agenda Board's resolutions included the following:
1. Ratifying minutes of the previous Board meeting
2. Discussion and approval of the company's unaudited Financial Statements, the Board of Directors Report and the Audit Committee Report for the year ended 31 December 2017 ahead of presenting them to the company's Annual General Meeting and issuance of the Auditor's Report.
3. Approve a company disclosure outlining an increase in issued and paid-in capital by an amount equal to EGP 152,899,611 in form of free shares, brings total paid-in capital to EGP 1,150,000,000 from EGP 997,100,389 and translating into 0.15334424967 free share for every share at a par value of EGP 1 per share and financed from FY2017 profits.
4. Authorizing the company's Chairman or Managing Director for amending the disclosure as per instructions from the Financial Regulatory Authority's or any other administrative entity, as well as preparing and issuing invitations to the company's Ordinary and Extraordinary General Meetings (OGM and EGM) to discuss the capital increase and allotted shares, and amending articles 6 and 7 of the company's articles of incorporation upon announcement of the disclosure on the Egyptian Exchange, and approval to proceed with the invitations to the OGM and EGM.
The Board, also, discussed regular company's operations.
This summary includes all material information that is required for disclosure as per the rules and regulations of the Capital Market Law and its Executive Regulations.
CFO and Investor Relations Officer
Mohamed Abdelsalam.
Summary of Financial Performance
for the Year Ending 31 December 2017
Standalone Financial Statements
A. Income Statement for the year ended 31 December 2017
Amounts in EGP | FY 2017 | FY 2016 | % change |
Sales / Revenues | 2,118,863,167 | 1,749,936,681 | 21.08% |
Gross Profit | 1,547,943,740 | 1,336,532,539 | 15.82% |
Gross Profit Margin | 73.06% | 76.38% | (4.35%) |
Net Profit from Continuing Operations | 1,211,791,425 | 998,480,220 | 21.36% |
Net Profit after Tax | 943,297,203 | 738,770,573 | 27.68% |
Earnings per Share | 0.85 | 0.67 | 26.87% |
B. Balance Sheet as at 31 December 2017
Amounts in EGP | Dec 2017 | Dec 2016 | % change |
Net Working Capital | 2,424,269,961 | 1,718,787,589 | 41.05% |
Shareholders' Equity | |||
Paid-in Capital | 997,100,389 | 500,000,000 | 99.42% |
Treasury Shares | - | (74,633,025) | - |
Legal Reserve | 123,313,788 | 86,375,259 | 42.77% |
Retained Earnings | 296,577,953 | 336,060,528 | (11.75%) |
Net Profit | 943,297,203 | 738,770,573 | 27.68% |
Total Equity | 2,360,289,333 | 1,586,573,335 | 48.77% |
C. Cash Flow Statement for the year ended 31 December 2017
Amounts in EGP | FY 2017 | FY 2016 | % change |
Cash Flow from Operating Activities | (160,644,326) | (117,304,171) | (36.95%) |
Cash Flow from Investing Activities | (24,998,731) | (6,671,068) | (275%) |
Cash Flow from Financing Activities | 82,206,493 | 108,424,387 | (24.18%) |
Consolidated Financial Statements
A. Income Statement for the year ended 31 December 2017
Amounts in EGP | FY 2017 | FY 2016 | % change |
Sales / Revenues | 2,428,257,956 | 2,014,424,600 | 20.54% |
Gross Profit | 1,587,725,282 | 1,355,840,316 | 17.10% |
Gross Profit Margin | 65.39% | 67.31% | (2.85%) |
Net Profit from Continuing Operations | 1,202,716,847 | 1,031,682,188 | 16.85% |
Net Profit after Tax | 933,053,186 | 768,900,846 | 21.35% |
Earnings per Share | 0.84 | 0.70 | 20.0% |
A. Balance Sheet as at 31 December 2017
Amounts in EGP | Dec 2017 | Dec 2016 | % change |
Net Working Capital | 2,540,614,691 | 1,831,924,815 | 38.69% |
Equity | 2,454,598,641 | 1,692,341,116 | 45.04% |
Paid-in Capital | 997,100,389 | 500,000,000 | 99.42% |
Legal Reserve | 123,313,788 | 86,375,259 | 42.77% |
Retained Earnings | 332,036,186 | 344,351,026 | (3.58%) |
Total Equity (including Minority Interest) | 2,454,598,641 | 1,692,341,116 | 45.04% |
B. Cash Flow Statement for the year ended 31 December 2017
Amounts in EGP | FY 2017 | FY 2016 | % change |
Cash Flow from Operating Activities | (201,561,708) | (108,042,339) | (86.56%) |
Cash Flow from Investing Activities | (11,368,282) | (10,905,709) | (4.24%) |
Cash Flow from Financing Activities | 81,569,109 | 107,470,237 | (24.1%) |
Financial Manager Investor Relations Manager
Ahmed Abdelhamid Abed Ramadan Sayed Abdelaziz
Material events that occurred since 31 December 2017
None
Declaration
We hereby declare that the information included above was extracted for the company's financial statements as issued during the Board of Directors meeting held on 25 February 2018. This information has not been independently audited yet and we we pledge to disclose any changes or amendments to this information to the Financial Regulatory Authority and the Egyptian Exchange until submission of the ratified and audited financial statements no later than one day following the auditor's report which we expect to be an unqualified report.
Managing Director
Ahmed El Hitamy
Madinet Nasr S (MNHD)