Cairo – Mubasher: Madinet Masr Housing and Development has achieved an increase in its contracted sales during the third quarter (Q3) of 2023, surpassing the total sales of any previous year since the company’s establishment.

The EGX-listed firm expected that its sales will exceed EGP 20 billion for the first time in its history, according to a press release.

Madinet Masr highlighted that the positive performance was due to the sales volume of over 2,400 units across various projects within short timeframes.

Elan project in Sarai, which comprises 300 units across its first and second phases, was sold out at a combined value of EGP 1.40 billion.

Furthermore, the Club Side project in Taj City, which features over 1,200 units, achieved sales amounting to EGP 6 billion.

All units in the Kinda project were sold during the first nine months (9M) of 2023, generating EGP 1.90 billion in sales.

The first phase of the Rai project in Sarai recorded sales standing at EGP 2.90 billion over 350 units.

Abdallah Sallam, President and CEO of Madinet Masr, stated: “These record-breaking numbers not only demonstrate the resilience of the Egyptian real estate market and its capability to overcome challenges but also motivate us to set higher goals to solidify our leading position in the Egyptian real estate development market, leveraging our extensive experience that extends over 64 years.”

In the first half (H1) of 2023, the real estate developer generated consolidated net profit after tax valued at EGP 580.23 million, which marked a 151.05% year-on-year (YoY) leap from EGP 231.12 million.