Madinat Masr reported a 151% increase in net profit to EGP 580.2m during 1H 2023, compared to EGP 231.1m during the same period last year.
The company’s consolidated revenues increased to EGP 2.27bn in 1H 2023, compared to EGP 1.84bn during the comparative period of last year.
Abdallah Sallam, CEO of Madinat Masr, said: “Amidst macroeconomic instability and inflationary pressures, the Egyptian real estate market continues to demonstrate its resilience. Coupled with the unwavering dedication of our talented team, our strategic vision, and our Company’s fundamentals, Madinet Masr has successfully managed to carry over its growth momentum from the first quarter to deliver exceptional results.”
“During 1H 2023, we focused on driving sales and revenue growth through the successful launch of new projects and phases across our developments. Madinet Masr gross contracted sales reached EGP 5.29bn, in addition to EGP 1.45bn at Minka and EgyCan, which led to strong financial results that align with our targets. Consequently, our revenue soared to about EGP 2.20bn, marking a 22.8% y-o-y increase, while net profit more than doubled year-on-year to EGP 584.7m,” he added.
“As part of our nationwide expansion plan, we successfully launched Zahw in West Assiut in June 2023. This marks a significant milestone in our commitment to bring our vision of innovative urban development to communities beyond Cairo. Our team is dedicated to delivering quality real estate offerings that meet the evolving needs and preferences of our customers across the country to ensure we remain at the forefront of the Egyptian real estate market.
“Looking forward, we are excited about the potential that lies ahead and are confident in our ability to navigate challenges while capitalizing on opportunities. Madinet Masr is well-poised to harness cutting-edge technology and deliver unparalleled experiences to homeowners,” Sallam concluded.
