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Madinet Nasr Housing and Development (MNHD), led by Egyptian magnate Abdallah Sallam, achieved remarkable financial success in the 2023 fiscal year. The company disclosed an impressive total profit of $68.54 million, showcasing an outstanding 188.85 percent surge from the previous year’s earnings of $23.80 million.
This surge in profits is attributed to MNHD’s strategic cost-cutting measures and a significant uptick in net operating revenues. From 2022 to 2023, the company’s net operating revenues soared from EGP5.33 billion ($172.49 million) to EGP8.11 billion ($262.45 million). Despite prevailing economic challenges, MNHD capitalized on the heightened demand in the real estate sector, propelling the company to an unprecedented profit peak.
Under the leadership of Abdallah Sallam, a prominent figure holding a five-percent stake in the company, MNHD displayed exceptional performance in 2023. Sallam, who serves as the CEO of MNHD, expressed his satisfaction with the results, stating, “Throughout the year, we witnessed substantial growth and made significant strides in executing our new growth strategy and realizing our vision of reimagining the future of urban communities across Egypt.”
Commenting on the group’s outlook as a going concern, Sallam said: “Looking forward, we remain optimistic about the opportunities that lie ahead and confident in our ability to navigate challenges while capitalizing on these prospects. We are buoyed by Egypt’s resilient real estate market fundamentals and anticipate carrying over the positive trajectory into the new year.”
Established in 1959 as a public real estate company, Madinet Nasr Housing and Development stands as one of the region’s premier property developers. MNHD aims to develop 40 million square meters of land in Nasr City, a city with a population of 3 million.
Abdallah Sallam, a well-known Egyptian businessman and founder of MINKA Development, MNHD’s latest wholly-owned subsidiary, holds a five percent stake in the company. MNHD’s positive financial results underscore the company’s resilience and strategic vision in navigating a challenging economic environment.
