Madinet Nasr for Housing and Development (MNHD) wins the “Fastest Growing Real Estate Company in Egypt 2022” from the International Business Magazine (IBM) Awards, Invest-Gate reports.
The nomination and award-winning process involves a high-level judging panel of experts in each category across different regions (Africa, America, Asia, Europe, and the Middle East) and strict eligibility criteria that MNHD managed to proudly meet after a fierce competition with several companies.
The IBM award recognizes achievements in terms of performance, innovation, customer satisfaction, among other categories.
The award comes following MNHD’s whopping standalone financial results, reflecting the nine-month period ending on September 30th, 2022, as the company achieved a record-breaking nine-month gross contracted sales and revenue with net profit more than doubling during the period, along with rapid growth in unit deliveries.
The real estate developer reported a net profit of EGP 545 mn on total revenues of EGP 3 bn, as well as a net profit of EGP 308 mn in Q3 2022, booking a top line of EGP 1.2 bn. Unit deliveries also nearly doubled in volume year-on-year in 9M 2022 to reach 1,113 units, driven by handovers in Sarai project.
“We are proud to see our relentless efforts recognized by one of the leading international entities as International Business Magazine Awards. MNHD has identified a strategic plan that prioritizes growth, expansion, and meeting our clients’ needs and demands and we are honored to see our plan paying off as evident in the nine-month financial results and we aspire to sustain and exceed this level of performance in the future,” Abdallah Sallam, President and CEO of MNHD, comments.