In an announcement of its latest standalone financial results for the six-month period ending on June 30, 2024 (H1 2024), Madinet Masr, one of Egypt’s top urban community developers, has reported gross contracted sales of EGP 20.9 billion and a net profit of EGP 1.5 billion.

“Our unwavering dedication to our strategic vision and the exceptional efforts of our talented team have enabled us to deliver notable results. During the first half of 2024, we focused on driving sales and revenue growth through the launch of new projects and phases across our developments,” said Madinet Masr CEO Abdallah Sallam. “Madinet Masr’s gross contracted sales reached EGP 20.9 billion paving the way for impressive financials results that align with our ambitious targets. Our revenue increased to EGP 4.3 billion, marking a 95.8% year-on-year growth, while net profit surged to EGP 1.5 billion, representing a 149.4% year-on-year increase and a new record for the first half of a year.”

In H1 2024, gross profit increased by 143.4% year-on-year to EGP 3.4 billion, with the gross profit margin of Madinet Masr increasing from 62.7% in H1 2023 to 77.9% in H1 2024 as a result of higher revenue from new sales with higher margins than from unit deliveries with lower margins.

Quarterly gross profit increased 18.2% year-on-year to EGP 945.4 million in Q2 2024, with a corresponding gross profit margin of 71.8%, as opposed to 67.5% in Q2 2023

Madinet Masr’s Contracted Sales in H1 2024 Surge Four-Folds YoY to EGP 20.9 billion, with Net Profits of Over EGP 1B