medinet nasr housing and development for independent financial results for the first quarter of 2015, where revenues were 169.7 million pounds, an annual growth rate of 176%, reaching a gross profit margin of 65.3% during the first quarter of 2016, coupled with the arrival of net profit margin to 39.1% during the same period.
against this backdrop, net profit rose to $ 66.4 million pounds during the first quarter of 2016, a growth rate almost doubled compared with 33.7 million pounds during the same period of the previous year.
this is due the remarkable growth the company's revenues during the first quarter of 2016 to continue the handover draft taj sultan and "primera", noting that the company is targeting delivery of 450 units during 2016.
in terms of financial results collected, consolidated revenues amounted to 237.7 million pounds during the first quarter of 2016, an annual increase of 103%, while net profit amounted to 68.6 million pounds, an annual 90% increase compared to the same period of the previous year. the consolidated financial statements reflect the results of my company-owned contracting company medinet nasr housing and development.
on the other hand it amounted to booking units the company's projects 211.5 million pounds during the first quarter of 2016, an annual increase of 143% compared with 87.2 million pounds during the first quarter of 2015.
in this context, he expressed ahmed haytami managing director of medinet nasr housing and development, pleased with the performance of the company during the first quarter of 2016, and which is reflected in the remarkable growth of revenue and net profit thanks to strong operating margins.
haytami he said the company is looking to continue this performance in the coming period in light of ambitious growth, which pursued since 2015 strategy, which is the most prominent features in the conclusion of a joint development agreement with palm hills development company, which will produce to achieve the physical advantage of the land owned by it and available for development within the project "saray", in addition to the general outline's of the project "crown city" in new cairo modified to include the re-use and distribution services planned within the project, to be completed within this year.
it is scheduled to produce broad outline of the project "crown city" for increasing the green areas in residential and administrative areas in pursuit of the concept of the project by combining the advantages of life in the city center charming nature and development of elements uniformly and integrated to the highest planning and architecture specification modification.
it should be noted that the company open for booking in the first phase of the "crown city" during last december, selling entire units compared with more than 310 million pounds by the end of the first quarter of 2016, the project, noting that the company has launched the second phase of the project during may 2016.
the "crown city" project of a multi-purpose real estate projects, as it is located on an area of 3.5 million square meters with an investment cost of 25 billion pounds, almost, and the project will have an enormous variety of residential complexes and administrative offices, as well as centers and clinics, health care, hotels, restaurants, shopping centers and commercial spaces bouquet