Madinet Masr has announced its standalone financial results for the nine-month period ending September 30, 2023 (9M 2023), reporting a net profit of EGP 1.4 bn and total revenue of EGP 4.4 bn, Invest-Gate reports.

For the quarter ending September 30, 2023 (Q3 2023), the company achieved a net profit of EGP 773.2 mn and generated EGP 2.2 bn in revenue.

Madinet Masr achieved a significant milestone by generating gross contracted sales of EGP 14.9 bn for 9M 2023, a 121.9% year-on-year increase. The company’s expansion and growth in unit sales contributed to this achievement.

Additionally, newly acquired subsidiaries, Minka and EgyCan, reported contracted sales of EGP 2.2 bn, which were not consolidated in Madinet Masr’s results.

As a result, the total contracted sales reached EGP 17.1 billion. In Q3 2023 alone, gross contracted sales amounted to EGP 9.6 bn, representing a 192.4% year-on-year increase.

During 9M 2023, Madinet Masr delivered a total of 792 units, declining by 28.8% compared to the previous year. This decline can be attributed to a higher inventory of ready-to-move-in units in 2022. However, in Q3 2023, the company delivered a total of 314 units, reflecting an 11.7% year-on-year increase.

Revenue for 9M 2023 amounted to EGP 4.4 bn, marking a 48.0% year-on-year growth, primarily driven by strong gross contracted sales. In Q3 2023, revenue reached EGP 2.2 bn, representing an 85.2% year-on-year increase.

Abdallah Sallam, the Chief Executive Officer of Madinet Masr, expressed his satisfaction with the launch of the company’s new research and development arm, “Madinet Masr Innovation Labs.” This initiative aligns with their commitment to innovation and staying at the forefront of the Egyptian real estate market.