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Madinet Masr’s consolidated profits soar 189% YoY in 2023; dividends proposed

Madinet Masr’s consolidated profits soar 189% YoY in 2023; dividends proposed
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Madinet Masr
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Cairo – Mubasher: Madinet Masr Housing and Development recorded a 188.85% year-on-year (YoY) surge in the consolidated net profit after tax and non-controlling interest to EGP 2.12 billion in 2023 from EGP 736.73 million.

The company’s revenues surged by 52.04% YoY to EGP 8.11 billion last year from EGP 5.33 billion, according to unaudited financial indicators.

The basic earnings per share (EPS) reached EGP 0.86 from 1 January to 31 December 2023, up 185.20% YoY from EGP 0.30.

Standalone Financial Statements

As for the standalone financial indicator, Madinet Masr recorded a 183.95% YoY jump in net profit after tax to EGP 2.12 billion in 2023, versus EGP 747.43 million.

Revenues soared by 48.14% YoY to EGP 7.63 billion last year from EGP 5.15 billion in 2022.

Fourth Quarter

During the fourth quarter (Q4) of 2023, Madinet Masr’s net profit leapt 183.90% YoY to EGP 764.40 million from EGP 202.5 million in the same quarter a year earlier.

Revenues increased by 48.10% YoY to EGP 3.19 billion in Q4-2023 from EGP 2.15 billion.

Sales & Deliveries

Madinet Masr’s gross contracted sales surged by 194.3% YoY to EGP 29.9 billion in 2023, while total contracted sales – including subsidiaries’ – reached EGP 32 billion.

Quarterly, gross contracted sales soared 334.5% YoY to EGP 15 billion in Q4-2023.

The company delivered a total of 1,103 units last year, down 46.70% YoY compared to 2022.  

Cash Dividends

The company’s board of directors initially approved the disbursement of EGP 0.20 per share in cash dividends for the financial year 2023.

Dividends are set to be paid in two instalments in 2024.

Abdallah Sallam, CEO of Madinet Masr, said: “Throughout the year, we witnessed substantial growth and made significant strides in executing our new growth strategy and realizing our vision of reimaging the future of urban communities across Egypt.”

“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,” Sallam added.

In the first nine months (9M) of 2023, Madinet Masr recorded consolidated net profits worth EGP 1.35 billion, up 153.12% YoY from EGP 534.20 million.