The financial statements of Misr El Gedida for Housing and Development Company revealed a 3,755% increase in the company’s profits during the first quarter of the current year.
According to a statement sent to the Egyptian Stock Exchange on Sunday, the company achieved a net profit of 748.46 million pounds during the period from January to the end of March 2024, compared to 19.41 million in the same period in 2023.
The company’s revenues rose to 239.68 million pounds during the first three months of the current year, compared to 90.9 million in the same period last year.
Misr El Gedida for Housing and Development Company achieved a net profit of 7.808 billion pounds in 2023, compared to 603.239 million in 2022.
Misr El Gedida for Housing and Development Company is one of the subsidiaries of the Holding Company for Construction and Development, which is affiliated with the Ministry of the Public Business Sector. It is an Egyptian joint-stock company subject to the provisions of Law No. 203 of 1991. The company was established in 1906 and is a pioneer in the field of construction and comprehensive urban development. The company relies on a broad base of high-level experience in the field of real estate development.
“Misr El Gedida for Housing and Development” aspires to expand its scope of presence and provide a wider range of new services to its customers, based on its understanding of the importance of the real estate development sector, which forms the core of its business and the focus of its expertise. Through a combination of innovative strategies, advanced engineering techniques, and high-quality services, “Misr El Gedida for Housing and Development” confirms its unwavering commitment to providing continuous support to the Egyptian real estate market and seizing various investment opportunities. The company is now working in parallel on comprehensive urban development projects in the following areas: New Cairo – Obour City – New Heliopolis City – Heliopark
