Madinet Nasr Housing & Development (MNHD) reported its financial results for 2015. Revenue was roughly unchanged Y-o-Y at EGP785 million, with housing projects contributing 59% of total revenue (up from 54% in 2014) on the back of deliveries at Taj City (phase I, named Tag Sultan) in 4Q2015. Gross profit margin was roughly unchanged at 48.6% (49.6% in 2014). EBIT margin, however, was down 340bps to 33.7%, on a 20% Y-o-Y rise in S,G&A expenses, which can be attributed to the more active launch of projects. Net income was up 18% to EGP240 million, supported by higher investment income (+34% Y-o-Y to EGP17 million) and lower tax rate (at 20.6% down from 29.1% in 2014). Contracted sales for the year amounted to EGP885 million, with management guiding for somewhere between EGP800 million and EGP1 billion for 2016, to be mostly brought in through the launch of the second phase at the T-Zone (phase II of Taj City). (Company disclosure, Mai Attia, Sara Boutros)