Madinet Masr’s consolidated profits surge 87.7% YoY in 9 months
Updated 11/11/2024 9:49:00 AM
Arab Finance: Madinet Masr has reported an 87.77% year-on-year (YoY) increase in consolidated profits attributable to the parent company during the first nine months of 2024, the company's financial statements filed to the Egyptian Exchange (EGX) on November 11th.
Consolidated profit excluding minority interest recorded EGP 2.516 billion in the January-September period of 2024, compared to a profit of EGP 1.340 billion in the same period last year.
Revenues soared 58.89% YoY hitting EGP 7.453 billion in the first nine months of 2024, from EGP 4.690 billion.
The firm’s standalone net profits after tax amounted to EGP 2.565 billion during the first nine months of this year, compared to EGP 1.357 billion in the January-September period of 2023.
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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