Madinet Masr posts 194.3% YoY surge in 2023 gross contracted sales
Updated 2/26/2024 9:27:00 AM
Arab Finance: Madinet Masr has recorded gross contracted sales of EGP 20.9 billion in 2023, marking a robust growth of 194.3% year on year (YoY), according to earnings release.
In 2023, the company handed over 1,103 units, representing a decline of 46.7% as compared to in 2022.
The company reported a 188.85% YoY increase in consolidated profits attributable to the parent company during 2023, the company's financial statements filed to the Egyptian Exchange (EGX).
Consolidated profit excluding minority interest recorded EGP 2.218 billion in the January-December period of 2023, compared to a profit of EGP 736.739 million in 2022.
Moreover, consolidated sales soared 52.04% YoY, hitting EGP 8.113 billion last year from EGP 5.336 billion in 2022.
The firm’s standalone net profits after tax amounted to EGP 2.122 billion, compared to EGP 747.436 billion.
Established in 1959, Madinet Masr is a leading real estate developer dedicated to building large-scale communities in strategic locations across Egypt.
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