Egyptian developer Madinet Masr registered a net profit of 2.1 billion Egyptian pounds ($68 million) up by 183.9 percent year on year (YOY) on total revenue of EGP7.6 billion ($245 million) for the year ended 31 December 2023, it said in its 2023 financial results statement.

Gross contracted sales for 2023 grew by 194.3 percent YOY to reach EGP29.9 billion ($967 million) driven by unit sales growth, the EGX-listed developer said.

Newly acquired subsidiaries – Minka and EgyCan – booked EGP2.2 billion ($71 million) in contracted sales, which were not consolidated in Madinet Masr’s results, bringing total contracted sales to EGP32 billion ($1.03 billion).

The company delivered a total of 1,103 units in 2023, down 46.7 percent YOY due to a higher inventory of ready-to-move-in units in 2022.

It invested EGP2.1 billion ($68 million) in construction and infrastructure capital expenditure (CAPEX) during 2023, up from an outlay of EGP1.8 billion ($58 million) in 2022 due to ongoing construction primarily at Taj City.

New construction contracts worth EGP4 billion ($129 million) were awarded in 2023.

(1 US Dollar = 30.92 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)


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