Madinet Masr’s contracted sales jump 121.9% YoY in 9 months
Updated 11/9/2023 10:00:00 AM
Arab Finance: Madinet Masr has recorded gross contracted sales of EGP 14.9 billion during the first nine months of 2023, rising by 121.9% year on year (YoY), according to an emailed earnings release.
During the nine-month period, the company has delivered a total of 792 units, which is 28.8% lower than in the year-ago period.
The company reported a 153.12% year-on-year (YoY) surge in consolidated profits after tax and non-controlling interest in the first nine months of 2023, as per the company's financial statement filed to the Egyptian Exchange (EGX) on November 9th.
Consolidated net profits recorded EGP 1.352 billion in the January-September period of 2023, compared to a profit of EGP 534.204 million in the same period last year.
Meanwhile, revenues grew 50.24% YoY, hitting EGP 4.63 billion, up from EGP 3.082 billion in the first nine months of 2022.
The firm’s standalone net profits after tax amounted to EGP 1.358 billion from January to September, with a 149.2% annual increase from EGP 544.973 million.
Likewise, standalone revenues rose 48% YoY to EGP 4.442 billion from EGP 3.001 billion in the nine-month period.
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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