Madinet Masr Developments announced that it achieved a record total of contracted sales of EGP 34.95 billion during the fiscal year ended December 31, 2023, compared to EGP 11.2 billion during the same period in 2022. This was due to its expansion and growth strategy, which aims to develop its diverse land portfolio, meet the needs and expectations of its customers, invest in human resources, and launch innovative real estate products to consolidate its leading position and develop the Egyptian real estate market.
The record performance in contracted sales for Madinet Masr is due to its following a new strategy since the beginning of the year, as well as the launch of several partnerships to implement new projects that were launched within the “Taj City” project, which extends over an area of 3.6 million square meters, and the “Sarai” project, which extends over an area of 5.5 million square meters and is located near the New Administrative Capital. The company also placed great importance on innovation, by launching the latest innovation of its arm specialized in developing solutions and products for the real estate market, Madinet Masr Innovation Labs, which is “Tuba” as an innovative solution to facilitate the process of acquiring and investing in real estate with different financing systems that meet the expectations of customers and suit their needs.
Commenting on this achievement, Eng. Abdullah Salam, CEO and Managing Director of Madient Masr, said: “The results of contracted sales for the year ended are a culmination of the efforts of a year that witnessed many challenges that we managed to overcome thanks to the company’s strength and position in the real estate market, the confidence of the board of directors, its dedicated team, and the high quality of the products, services, and innovative solutions it offers.”
Salam added: “We are on the right track thanks to the company’s strategy and following a growth plan and vision that enabled us to double our contracted sales to EGP 34.95 billion compared to EGP 11 billion in the previous year, based on our experience of more than 65 years in the Egyptian real estate sector, supported by the trust of our customers as a result of our commitment to providing the best real estate products and services in Egypt.”
Madient Masr seeks to develop its land portfolio, which it owns and which exceeds 9 million square meters, by creating new residential units and projects according to the highest standards of efficiency and quality.
Regarding its unaudited consolidated and independent financial results for the period ended September 30, 2023, it showed a net profit of EGP 1.352 billion, compared to a net profit of EGP 534.203 million for the same period of the previous year, with a growth rate of 153.12%.
The indicators also showed a net profit of EGP 1.357 billion, compared to a net profit of EGP 544.972 million for the same period of the previous year.
