Cairo – Mubasher: Madinet Masr Housing and Development recorded an increase in total contractual sales to EGP 34.95 billion as of 31 December 2023, versus EGP 11.20 billion in 2022.
This positive performance is backed by the company’s expansion and growth strategy that focuses on developing its diverse land portfolio to meet its customer needs, according to a press release.
Madinet Masr seeks to offer advanced real estate products to anchor its leadership position and contribute to the growth of the Egyptian real estate market.
The property firm has launched partnerships and new projects within Taj City, spanning 3.60 million square metres (m2), as well as the Sarai project, which is implemented in an area of 5.50 million m2 near the New Administrative Capital (NAC).
Abdallah Sallam, President and CEO of Madinet Masr, stated: “Our ability to achieve this remarkable growth is due to the company’s resilience, solid positioning in the real estate market as well as the trust of the company’s board of Directors, diligent efforts of our dedicated team and the high quality of the innovative products and solutions that we offer.”
Furthermore, Madinet Masr aims to boost its land portfolio, exceeding 9 million m2, through establishing new residential units and projects.
In October 2023, the company projected that its sales would exceed EGP 20 billion for the first time in its history by the end of the year.
During the first nine months (9M) of 2023, the EGX-listed firm logged consolidated net profits valued at EGP 1.35 billion, an annual leap of 153.12% from EGP 534.20 million.
