What

Madinet Masr For Housing and Development Company (Madinet Masr) announced its consolidated earnings for 2023.

Revenues: EGP 8.11 billion, a 52% YoY hike

Gross Profit: EGP 5.08 billion, a 155.5% YoY surge

• Gross Profit Margin: Increased to 62.6% in 2023, from 37.3% in 2022. Usually, it’s an indicator of the company’s efficiency in managing costs and generating profits.

Net Profit: EGP 2.13 billion, a substantial 188.9% YoY increase

• Net Profit Margin: Rose to 26.2% in 2023 from 13.8% in 2022. This helps investors assess if a company’s management is generating enough profit from its sales and whether operating and overhead costs are under control.

A Triumph of Sales & Units:

In its standalone report, the company showcase their key operations figures:

• Gross Contracted Sales: EGP 29.9 billion in 2023 from 10.2 billion in 2022, a 194.3%YoY jump 

• • • Taj City accounted for 58.1% and Sarai 41.7%.

• Units Sold: 5,443, a 69.3% YoY increase

The Main Drivers 

The company attributed the improved financial and operational performance to:

• Newly acquired subsidiaries Mink and Egycan, not accounted for in consolidated results
• New projects such as the launch of Rai in Sarai in January 2023

Dividends Announcement:

On the same day, the company proposed distributing  dividends worth EGP 0.2/share on two installments.

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