Cairo – Mubasher: Madinet Masr Housing and Development logged a consolidated net profit after tax and non-controlling interest of EGP 1.17 billion in the first quarter (Q1) of 2024, a 287.53% year-on-year (YoY) surge from EGP 304.36 million.

Consolidated revenues soared by 193.21% YoY to EGP 3.07 billion in Q1-24 from EGP 1.04 billion, according to unaudited interim results.

The basic earnings per share (EPS) jumped by 356.20% YoY to EGP 0.552 in the three-month period that ended on 31 March 2024 from EGP 0.121.

Standalone Results

The standalone net profit after tax leapt by 286.73% YoY to EGP 1.17 billion in the January-March period from EGP 304.38 million.

Revenues surged by 194.56% YoY to EGP 2.99 billion in Q1-24 from EGP 1.01 billion in Q1-23.

Gross Sales

Madinet Masr logged gross contracted sales of EGP 14.90 billion in Q1-24, a staggering increase from EGP 1.80 billion in the comparative period of 2023.

Abdallah Sallam, CEO of Madinet Nasr, said: “Building on the momentum and success achieved in 2023, we are embarking on an even more exciting journey this year as we deliver on our vision of building distinguished and sustainable communities across Egypt.”

“Moving forward, we are optimistic about the opportunities on the horizon and confident in our capacity to navigate challenges while seizing these prospects. We are encouraged by the robust fundamentals of Egypt's real estate market and expect to maintain our positive momentum throughout the year,” Sallam added.

In 2023, Madinet Masr leapt by 188.85% YoY to EGP 2.12 billion from EGP 736.73 million a year earlier.