Madinet Masr Housing and Development , led by Abdallah Sallam, has achieved financial growth in the first half (H1) of 2024. The company reported a 149.40-percent increase in net profits, reaching EGP 1.45 billion ($29.54 million), up from EGP 584.70 million ($11.91 million) in H1-2023.
Revenues for H1-2024 climbed 95.8 percent year-on-year (YoY), totaling EGP 4.30 billion ($87.57 million) compared to EGP 2.19 billion ($44.60 million) in the previous year. Madinet Masr's gross contracted sales surged by 294 percent, reaching EGP 20.90 billion ($425.60 million) as of June 30, 2024.
The flagship projects, Sarai and Taj City, drove this success. Sarai contributed 69.10 percent, or EGP 14.40 billion ($293.20 million), of these sales, while Taj City accounted for 30.70 percent, or EGP 6.40 billion ($130.34 million).
Quarterly performanceThe company posted a net profit of EGP 281.30 million ($5.73 million), a slight increase from EGP 280.30 million ($5.71 million) in Q2-2023. Revenues for Q2-2024 rose by 11.20 percent to EGP 1.31 billion ($26.68 million), compared to EGP 1.18 billion ($24.02 million) in the same period last year.
