The Clap:
Real estate developer Madinet Masr reported a 287% YoY rise in net profit during the three months ending in March.
Revenues:
The company’s net sales surged 194.6% YoY during 1Q 2024 to EGP 2.99 billion.
Gross profit:
The developer recorded a 316% rise in gross profit to more than EGP 2.4 billion.
Net income:
The company recorded EGP 1.18 billion in net profits for the quarter, almost quadrupling its bottomline.
It was a historic quarter for gross contracted sales
as Madinet Masr increased its numbers by more than 8x to a record EGP 14.9 billion.
Big plans ahead:
Last week, reports circulated Madinet Masr and Heliopolis For Housing & Development are partnering on a new residential project spanning 490 feddans in New Heliopolis that is expected to generate USD 4 billion (c. EGP 194.4 billion) in revenues over nine years.
