Madinet Masr for Housing & Development (MNHD) has posted remarkable financial performance since its strategic overhaul، which allowed for significant expansion and sales growth over the past three years.
Contractual sales surged fourfold، reaching EGP 20.9 billion.
Aligned with its aggressive expansion plans and dedication to the highest implementation rates، Madinet Masr recorded significant financial growth. Revenues of approximately EGP 4.3 billion and a net profit of EGP 1.5 billion in the first half of 2024 demonstrate our stability and potential for investment.
Prioritizing innovation، quality، and sustainable growth despite persistent market challenges.
In the same period، the company’s contractual sales skyrocketed to EGP 20.9 billion، a fourfold increase year over year.
Abdallah Sallam، President and CEO of Madinet Masr، stated that these exceptional results underscore the company’s commitment to innovation، quality، and sustainable growth، even amid ongoing market headwinds.
During the first half of 2024، Sallam highlighted that Madinet Masr prioritised enhancing sales and revenue generation by launching new projects and additional phases within existing developments، such as Taj City and Sarai in East Cairo.
The company saw a sharp rise in unit sales، climbing by 172.1% year-on-year to 2871 units sold across various projects، compared to 1055 units sold in the same period in 2023.
Deliveries
Delivered 280 units during H1 2024.
Madinet Masr delivered 280 units during H1 2024، down from 479 units delivered in H1 2023.
This decrease is attributed to the company’s focus on completing construction in the Taj City and Sarai projects.
The first half of 2024 also saw a significant revenue boost، which surged by 95.8% to EGP 4.3 billion، driven by solid growth in total contractual sales. Revenues in Q2 2024 amounted to EGP 1.3 billion، reflecting an 11.2% year-on-year increase.
The company invested EGP 1.8 billion in construction and infrastructure across its ongoing projects during the first six months of 2024، nearly doubling the EGP 925.5 million invested during the same period in 2023.
The bulk of the spending was directed toward the Taj City and Sarai developments.
In Q2 2024 alone، construction and infrastructure investments totalled EGP 737.5 million، up from EGP 413.4 million in Q2 2023.
New Expansions
In July، Madinet Masr announced a development contract for an integrated residential urban project in partnership with MIDAR، one of Egypt’s most prominent master developers، renowned for introducing world-class urban concepts.
This strategic partnership is a significant step towards our future growth. The project، located in the fourth phase of the Hope Axis in Mostakbal City، New Cairo، spans 238 acres (about 1 million square meters).
Under the revenue-sharing agreement، MIDAR holds a 38% stake as the landowner، while Madinet Masr maintains a 62% stake as the project developer.
The contract includes a commitment to pay a guaranteed minimum within eight years، currently valued at EGP 7.6 billion، with a projected total revenue of EGP 21.4 billion.
The development is expected to generate total revenues of 64 billion EGP، with the total investment valued at 52 billion EGP.
Madinet Masr confirmed it had paid EGP 1.07 billion as an advance upon signing the contract.
