Cairo – Mubasher: Madinet Masr Housing and Development posted consolidated net profit after tax amounting to EGP 580.23 million in the first half (H1) of 2023, an annual surge of 151.05% from EGP 231.12 million.

Revenues stood at EGP 2.27 billion during January-June 2023, up 23.39% from EGP 1.84 billion in H1-22, according to the consolidated financial results.

The basic earnings per share (EPS) enlarged by 115.24% year-on-year (YoY) to EGP 0.22 in H1-23 from EGP 0.10.

Standalone Business

During the first six months (6M) of 2023, the real estate developer recorded 146.79% higher standalone net profits after tax at EGP 584.70 million, versus EGP 236.92 million in the year-ago period.

Non-consolidated revenues hit EGP 2.19 billion as of 30 June 2023, marking a 22.83% YoY rise from EGP 1.79 billion.

Financial Statements for Q2-23

In the second quarter (Q2) of 2023, the consolidated net profits climbed by 140.20% to EGP 280.30 million from EGP 116.70 million in Q2-22, while the revenues widened by 21.80% to EGP 1.18 billion from EGP 972.30 million.

Abdallah Sallam, CEO of Madinet Masr, commented: “Madinet Masr gross contracted sales reached EGP 5,298.3 million, in addition to EGP 1.45 billion at Minka and EgyCan, which led to strong financial results that align with our targets.”

“As part of our nationwide expansion plan, we successfully launched Zahw in West Assiut in June 2023,” Sallam highlighted. “This marks a significant milestone in our commitment to bring our vision of innovative urban development to communities beyond Cairo.”

As of 31 March 2023, Madinet Masr generated a 152.93% hike in consolidated net profit after tax to EGP 304.36 million, compared to EGP 120.33 million in Q1-22.