Egypt: Madinet Masr’s consolidated profits surge 150.64% YoY in H1

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Egypt - Madinet Masr reported a 150.64% year-on-year (YoY) increase in consolidated profits attributable to the parent company during the first half (H1) of 2024, the company's financial statements filed to the Egyptian Exchange (EGX) on August 11th.

Consolidated profit excluding minority interest recorded EGP 1.454 billion in the January-June period of 2024, compared to a profit of EGP 580.231 million in the same half last year.

Sales soared 96.71% YoY, hitting EGP 4.476 billion in H1 2024 from EGP 2.275 billion in H1 2023.

The firm’s standalone net profits after tax amounted to EGP 1.458 billion during the first six months of this year, compared to EGP 584.706 million in the January-June period of 2022.

Established in 1959, Madinet Masr is a leading real estate developer dedicated to building large-scale communities in strategic locations across Egypt.