Madinet Masr, a prominent urban community developer in Egypt, reported record-breaking financial results for the first nine months of 2024, driven by the successful launch of new projects, Invest-Gate reports.

The company’s contracted sales more than doubled y-o-y, reaching EGP 32.7 bn. Net profit hit an all-time high of EGP 2.6 bn on total revenue of EGP 7.2 bn for the period ending 30 September 2024.

For the third quarter alone, Madinet Masr achieved a net profit of EGP 1.1 bn, with quarterly revenues amounting to EGP 2.9 bn. President and CEO Abdallah Sallam attributed the strong financial performance to the company’s strategic focus on growth and sustainability.

“As we near the end of 2024, I am delighted to share Madinet Masr’s exceptional results. Our team’s dedication across divisions has been essential in achieving this robust financial and operational performance, even amid changing market conditions,” Sallam said.

The company’s strategy has centered on expanding its project portfolio and prioritizing sales growth by launching new developments and project phases, resulting in a year-on-year revenue increase of 62.9%.

Notably, Madinet Masr’s impressive net profit growth of 88.9% for the nine-month period highlights its ability to meet ambitious targets consistently.

With a strong foundation and strategic investments, Madinet Masr is well-positioned to continue its growth trajectory and reinforce its role as a leader in Egypt’s real estate sector.