Cairo – Mubasher: The consolidated net profits of Madinet Masr Housing and Development hiked by 149.40% to EGP 1.45 billion in the first half (H1) of 2024, compared to EGP 584.70 million in H1-23.

Revenues amounted to EGP 4.30 billion in H1-24, higher by 95.80% year-on-year (YoY) than EGP 2.19 billion, according to the consolidated financial results.

Madinet Masr recorded gross contracted sales of EGP 20.90 billion as of 30 June 2024, marking an annual leap of 294% from EGP 5.30 billion.

Approximately 69.10%, equivalent to EGP 14.40 billion, of the group’s gross contracted sales were recorded from Sarai. Meanwhile, the remaining 30.70%, representing EGP 6.40 billion, were generated at Taj City.

Financials for Q2-24

In the second quarter (Q2) of 2024, the real estate developer registered consolidated net profit amounting to EGP 281.30 million, up 0.30% from EGP 280.30 million a year earlier.

The revenues climbed by 11.20% to EGP 1.31 billion in Q2-24 from EGP 1.18 billion in April-June 2023.

In Q1-24, the consolidated net profits after tax and non-controlling interest jumped by 287.53% to EGP 1.17 billion from EGP 304.36 million in the year-ago period.