Egypt: Madinet Masr’s consolidated profits leap 88% in 9M-24

PHOTO

Madinet Masr Housing and Development posted 87.77% higher consolidated net profits after tax and controlling interest at EGP 2.51 billion in the first nine months (9M) of 2024.

The recorded net profits were compared with EGP 1.34 billion in 9M-23, according to the financial results.

The sales stood at EGP 7.45 billion as of 30 September 2024, an annual leap of 58.89% from EGP 4.69 billion.

Basic earnings per share (EPS) jumped by 91.27% year-on-year (YoY) to EGP 1 in 9M-24 from EGP 0.52.

Standalone Financials

The development group generated net profits after tax worth EGP 2.56 billion during the January-September 2024 period, higher by 88.93% YoY than EGP 1.35 billion.

Non-consolidated revenues widened by 62.85% to EGP 7.23 billion in 9M-24 from EGP 4.44 billion.

Madinet Masr registered sales at a value of EGP 36.70 billion as of 30 September 2024, backing Egypt's Vision 2030 for urban development.