Table of Contents
Key Points:
- Madinet Masr’s net profit surged by 149.40 percent in H1-2024, reaching EGP 1.45 billion ($30-million).
- The company’s revenues increased by 95.80 percent to EGP 4.30 billion ($87.57 million) during the same period.
- Gross contracted sales jumped 294 percent, largely driven by Sarai and Taj City developments.
Madinet Masr Housing and Development, led by Abdallah Sallam, has achieved financial growth in the first half (H1) of 2024. The company reported a 149.40-percent increase in net profits, reaching EGP 1.45 billion ($29.54 million), up from EGP 584.70 million ($11.91 million) in H1-2023.
Revenues for H1-2024 climbed 95.8 percent year-on-year (YoY), totaling EGP 4.30 billion ($87.57 million) compared to EGP 2.19 billion ($44.60 million) in the previous year. Madinet Masr’s gross contracted sales surged by 294 percent, reaching EGP 20.90 billion ($425.60 million) as of June 30, 2024.
The flagship projects, Sarai and Taj City, drove this success. Sarai contributed 69.10 percent, or EGP 14.40 billion ($293.20 million), of these sales, while Taj City accounted for 30.70 percent, or EGP 6.40 billion ($130.34 million).
Quarterly performance
The company posted a net profit of EGP 281.30 million ($5.73 million), a slight increase from EGP 280.30 million ($5.71 million) in Q2-2023. Revenues for Q2-2024 rose by 11.20 percent to EGP 1.31 billion ($26.68 million), compared to EGP 1.18 billion ($24.02 million) in the same period last year.
The company’s net profit after tax and non-controlling interest increased by 287.53 percent, reaching EGP 1.17 billion ($23.82 million), up from EGP 304.36 million ($6.20 million) in Q1-2023.
Under Abdallah Sallam’s leadership, Madinet Masr has delivered an impressive performance in the first half of 2024. The company’s initiatives have increased its position as a key player in Egypt’s real estate sector. With ongoing expansion projects, Madinet Masr is set to continue its upward trajectory, enhancing its market presence and shareholder value.
Madinet Masr’s positive financial results shows the company’s direction in a challenging economic climate. Sallam led Madinet Masr to achieve a financial success in fiscal year 2023, with a net profit of $68.54 million and a 188.85-percent increase from the previous year’s $23.8 million.
This surge is attributed to cost-cutting measures and a rise in net operating revenues. From 2022 to 2023, net operating revenues increased from EGP 5.33 billion ($108.60 million) to EGP 8.11 billion ($165.18 million). Despite economic headwinds, Madinet Masr capitalized on heightened demand in the real estate sector, propelling it to record profits.
Founded in 1959 as a public real estate entity, Madinet Masr is a leading developer in the region. While initially focused on developing 40 million square meters in Nasr City, the company has since diversified its portfolio.
