Madinet Masr had a good 2023: EGX-listed real estate developer Madinet Masr saw itsnet incomesurge 184% y-o-y in 2023 to more than EGP 2 bn on the back off record gross contracted sales of almost EGP 30 bn, up 194%, the real estate developer’s standalone earnings release (pdf) showed. The company’s revenues rose 48% y-o-y during the year to just under EGP 8 bn.

And a solid quarter: The company’s net income more than tripled in 4Q 2023, rising 278% y-o-y to more than EGP 764 mn, while gross contracted sales skyrocketed 335% to a little over EGP 15 bn. Revenues rose 48% y-o-y during the quarter to EGP 3 bn.

SOUND SMART- In real estate, sales ≠ revenues: Most real estate companies book a salewhen you sign a contract to buy a home, but only record (some or all) of the value of the unit they sold when they (a) deliver the unit to you or (b) hit a percentage of completion of the overall project. Therefore, in most cases, revenues are composed of sales from past periods, while sales in a given quarter will be recognized as revenues in the future when units are completed or delivered.

Madinet Masr is considering expanding outside of Egypt, with an eye on North Africa and the Gulf, CEO Abdallah Salam told CNBC Arabia (watch, runtime: 9:17). Salam is hopeful that the company could launch in Saudi Arabia during the first half of this year.

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