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Madinet Nasr Housing and Development (MNHD), led by Egyptian magnate Abdallah Sallam has achieved exceptional financial results in its 2022 fiscal year.
The company’s strategic cost-cutting measures and ability to capitalize on the surge in real estate demand have propelled it to an all-time high profit.
According to MNHD’s recently published financial statements, the company’s profit soared by an impressive 160.5 percent from EGP 282.83 million ($9.23 million) in 2021 to EGP 736.73 million ($24.05 million).
The group’s remarkable triple-digit percent surge in earnings can be attributed to the impressive 139.25 percent increase in revenue, which soared from EGP2.23 billion ($72.83 million) in 2021 to EGP 5.33 billion ($173 million) in 2022.
This financial success can be directly linked to the devaluation of the Egyptian pound, which has made the country’s real estate market more attractive, resulting in strong sales figures.
Given this outstanding financial performance, MNHD’s board has proposed a cash dividend distribution of EGP0.15 ($0.00489) per share for 2022. This amounts to a total dividend payout of EGP315 million ($10.28 million) to its shareholders.
One of the region’s leading property developers, MNHD was established in 1959 as a public real estate company with the goal of developing 40 million square meters of land in Nasr City, a 3-million-person city.
Sallam, a well-known Egyptian businessman and the founder of MINKA Development, MNHD’s newest wholly-owned acquired subsidiary, owns a total of five percent of the company.
As of press time, MNHD shares were trading at EGP3.46 ($0.132) per share, resulting in a market capitalization of EGP7.24 billion ($236 million) for the real estate firm.
While Sallam’s five-percent stake is presently valued at EGP363 million ($13.85 million), making him one of the most affluent investors on the Egyptian Stock Exchange due to his significant stake in the leading Egyptian property developer.
