Madinet Masr, a prominent urban community developer in Egypt, announced its standalone financial results for the year ended on December 31, 2023 (FY 2023) on February 26, 2024, Invest-Gate reports.

The company reported a net profit of EGP 2.1 bn on total revenue of EGP 7.6 bn. For the quarter ended on December 31, 2023 (Q4 2023), Madinet Masr recorded a net profit of EGP 764.4 mn, generating a top line of EGP 3.2 bn.

In FY 2023, Madinet Masr achieved record-breaking gross contracted sales of EGP 29.9 bn, representing a year-on-year increase of 194.3%, driven by significant growth in unit sales.

The newly acquired subsidiaries, Minka and EgyCan, contributed EGP 2.2 bn in contracted sales, which were not consolidated in Madinet Masr’s results, resulting in a total contracted sales figure of EGP 32 bn. In Q4 2023, gross contracted sales reached EGP 15 bn, reflecting a year-on-year increase of 334.5%.

Throughout FY 2023, Madinet Masr delivered a total of 1,103 units, marking a decrease of 46.7% compared to the previous year due to a higher inventory of ready-to-move-in units in 2022. Similarly, in Q4 2023, the company delivered a total of 311 units, representing a decline of 67.5% year-on-year.

The revenue for FY 2023 stood at EGP 7.6 bn, indicating a year-on-year increase of 48.1% driven by strong growth in gross contracted sales. In Q4 2023, revenue reached EGP 3.2 bn, representing a year-on-year increase of 48.3%.

Eng. Abdallah Sallam, President and CEO of Madinet Masr, expressed his delight with the impressive results achieved by the company in 2023. He highlighted the substantial growth witnessed throughout the year and the significant progress made in executing their new growth strategy, aiming to reimagine the future of urban communities across Egypt.