Madinet Masr Housing and Development has reported exceptional financial performance for the first half (H1) of 2024, showcasing significant growth across various financial metrics. The company’s consolidated net profits soared by an impressive 149.40% to reach EGP 1.45 billion, compared to EGP 584.70 million recorded in the same period last year (H1-23).
This remarkable increase in profitability is accompanied by a substantial rise in revenues, which amounted to EGP 4.30 billion in H1-24. This represents a 95.80% year-on-year (YoY) increase from the EGP 2.19 billion generated in H1-23, highlighting the company’s strong operational performance and market demand for its projects.
Sales Performance and Market Leadership
Madinet Masr’s gross contracted sales reached an impressive EGP 20.90 billion as of 30 June 2024, marking an extraordinary annual leap of 294% from the EGP 5.30 billion recorded in the previous year. This significant growth underscores the company’s leadership in the real estate market and its ability to successfully capitalize on emerging opportunities.
A large portion of these sales, approximately 69.10%, equivalent to EGP 14.40 billion, was driven by the Sarai project. Meanwhile, Taj City contributed the remaining 30.70%, representing EGP 6.40 billion in sales. These figures reflect the strategic importance of these developments and their strong appeal to both local and international investors.
Q2-24 Financial Highlights
In the second quarter (Q2) of 2024, Madinet Masr continued to build on its success, registering a consolidated net profit of EGP 281.30 million. This marks a modest increase of 0.30% from the EGP 280.30 million recorded during the same period in 2023. Revenues for Q2-24 also showed positive growth, climbing by 11.20% to EGP 1.31 billion, up from EGP 1.18 billion in Q2-23.
Q1-24 Exceptional Performance
The company’s performance in the first quarter (Q1) of 2024 was particularly noteworthy, with consolidated net profits after tax and non-controlling interest skyrocketing by 287.53% to EGP 1.17 billion, compared to EGP 304.36 million in the corresponding period of the previous year. This strong start to the year set the tone for the impressive overall results seen in H1-24.
Conclusion
Madinet Masr’s outstanding financial results for H1-24 reflect the company’s robust business model, strategic investments, and strong market position. As the company continues to execute its growth strategy, it remains well-positioned to maintain its trajectory of success and deliver value to its shareholders.