Egyptian property developer Madinet Nasr Housing and Development (MNHD), led by renowned magnate Abdallah Sallam, reported a robust financial performance at the end of the first quarter of its 2023 fiscal year.
The company’s profit skyrocketed to nearly $10 million during the period under review, as revealed in its recently published financial statement.
MNHD experienced an impressive 152.9-percent increase in profit, climbing from EGP 120.33 million ($3.91 million) in Q1 2022 to EGP 304.36 million ($9.88 million) in Q1 2023.
The surge in earnings can be attributed to the company’s strategic cost-cutting measures implemented under the leadership of Sallam and its ability to capitalize on the surging real estate demand, resulting in record-breaking earnings.
The surge in real estate demand contributed to a 24.7-percent rise in MNHD’s revenue during the first three months of 2023, rising from EGP841.63 million ($27.3 million) to an impressive EGP1.04 billion ($33.76 million).
Founded in 1959 as a public real estate company with the ambitious goal of developing 40 million square meters of land in Nasr City, MNHD has solidified its position as one of the leading property developers in the region.
The company has consistently demonstrated exceptional financial performance, with its recent success building on the remarkable achievements since acquiring MINKA Developments.
Sallam, the well-known Egyptian businessman and founder of MINKA Developments, owns a five percent stake in MNHD.
Under his guidance, MINKA Developments became a key player in the real estate investment and development sector.
The group’s Q1 2023 financial results further cement MNHD’s status as a powerhouse in the industry. In 2022, MNHD’s profit witnessed a staggering 160.5-percent surge, rising from EGP 282.83 million ($9.23 million) in 2021 to EGP 736.73 million ($24.05 million).
This remarkable growth can be attributed to a noteworthy 139.25-percent increase in revenue, soaring from EGP 2.23 billion ($72.83 million) in 2021 to EGP 5.33 billion ($173 million) in 2022.