Madinet Masr’s consolidated profits surge 152.93% YoY in Q1
Updated 5/23/2023 9:16:00 AM
Arab Finance: Madinet Masr has reported a 152.93% year-on-year (YoY) increase in consolidated profits attributable to the parent company during the first quarter (Q1) of 2023, the company's financial statements filed to the Egyptian Exchange (EGX) on May 23rd.
Consolidated profit excluding minority interest recorded EGP 304.360 million in the January-March period of 2023, compared to a profit of EGP 120.333 million in the same quarter last year.
Net operating revenue soared 24.66% YoY hitting EGP 1.049 billion in Q1 2023, from EGP 841.630 million in Q1 2022.
The firm’s standalone net profits after tax amounted to EGP 304.389 million during the first three months of this year, compared to EGP 120.242 million in the January-March period of 2022.
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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