Madinet Masr reported a 287.5% year-on-year (YoY) increase in consolidated net profits attributable to the parent company during the first quarter (Q1) of 2024, with EGP 1.179 billion in profits, versus EGP 304.36 million in Q1 2023, as per the firm’s financial indicators.

Operating revenues soared 193.2% YoY to EGP 3.076 billion from EGP 1.049 billion in Q1 2023.

The firm’s standalone net profits after tax hiked to EGP 1.177 billion during the January-March period of this year, compared to EGP 304.389 million in the corresponding period last year.

Meanwhile, standalone revenues grew to EGP 2.99 billion from EGP 1.015 billion.

The company’s contractual sales hiked 729.6% YoY in Q1 2024 to EGP 14.9 billion from EGP 1.8 billion in Q1 2023, as per a press release.

Established in 1959, Madinet Masr is a leading real estate developer dedicated to building large-scale communities in strategic locations across Egypt.

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