{"id":587253,"date":"2023-05-24T00:00:00","date_gmt":"2023-05-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/madinet-masr-profits-more-than-double-in-1q-2023\/"},"modified":"2023-05-24T00:00:00","modified_gmt":"2023-05-24T00:00:00","slug":"madinet-masr-profits-more-than-double-in-1q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/madinet-masr-profits-more-than-double-in-1q-2023\/","title":{"rendered":"Madinet Masr profits more than double in 1Q 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">EGX-listed real estate developer <\/span><span style=\"font-weight:700\">Madinet Masr <\/span><span style=\"font-weight:700\">reported EGP 304.4 mn in net incom<\/span><span style=\"font-weight:700\">e i<\/span><span style=\"font-weight:700\">n <\/span><span style=\"font-weight:700\">1Q 2023, up 153% y-o-y<\/span><span>,<\/span><span>according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1293.pdf\" style=\"\">earnings release (pd<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1293.pdf\" style=\"\">f)<\/a><\/span><span>. Revenues climbed 24% y-o-y to EGP 1 bn during the period <\/span><span>on the back of higher gross contracted sales. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Sales values were up even as unit volumes fell: <\/span><span style=\"\">Madinet Masr\u2019s gross contracted sales rose 13% <\/span><span>y-o-y to hit EGP 1.8 bn during 1Q 2023, marking a record for first-quarter sales. Nearly 70% of sales were at the company\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/madinetmasr.com\/taj-city\" style=\"\">Taj City<\/a><\/span><span> project, with the remainder at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/madinetmasr.com\/sarai\" style=\"\">Sarai<\/a><\/span><span>. <\/span><span>The increase in sales value came even as the number of units sold dropped 41% y-o-y to 333. <\/span><span>Deliveries also fell by 24% to number 276 units during the quarter. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Plus: <\/span><span style=\"font-weight:400;\">Madinet Masr\u2019s newly-acquired subsidiaries Minka and related special purpose vehicle EgyCan generated another EGP 544 mn in sales that didn\u2019t show up in the company\u2019s consolidated results for 1Q. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said: <\/span><span>\u201cOur vision for the future is best exemplified through our <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1dc7496f-1a51-408c-a5e9-ba59d3417de6\" style=\"\">rebranded identity<\/a><\/span><span>, which channels a new era of geographic expansion and strategic transformation as we look beyond Nasr City and East Cairo. We have ambitious projects in the pipeline as we continue our mission of transforming urban communities and shaping the real estate landscape,<\/span><span style=\"\">\u201d CEO Abdallah Sallam said. <\/span><span>Local media in April <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/54b9a68f-e0d8-44fe-9241-844cd66895bf\" style=\"\">reported<\/a><\/span><span style=\"font-weight:400;\"> that the company plans to invest EGP 3 bn on expansions in 2023. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ICYMI-<\/span><span> Sallam talked about the company\u2019s expansion mindset <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75fa1d28-ba80-4708-9b16-9c5cfbd7c7d3\" style=\"\">during a panel<\/a><\/span><span style=\"font-weight:400;\"> at last week\u2019s Enterprise Exports & FDI Forum. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SOUND SMART- In real estate, sales \u2260 revenues.<\/span><span> With off-plan sales dominating the industry, most real estate companies book a sale when you sign a contract to buy a home. But they only record (some or all) of the value of the unit it sold you when it (a) delivers the unit to you or (b) hits a percentage completion on a total project. In most cases, then, 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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EGX-listed real estate developer Madinet Masr reported EGP 304.4 mn in net income in 1Q 2023, up 153% y-o-y,according to its earnings release (pdf). Revenues climbed 24% y-o-y to EGP 1 bn during the period on the back of higher gross contracted sales. Sales values were up even as unit volumes fell: Madinet Masr\u2019s gross [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":587254,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[1842,409,72,7203],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-abdallah-sallam","tag-earnings-watch","tag-enterpriseam","tag-madinet-masr","wpautop","entry"],"acf":{"mongo_id":"64e4d972-db20-4c09-8b8b-36039f7582be","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1290.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Madinet Masr profits more than double in 1Q 2023","related_issue":[587237],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.fef1bc30-fb9b-4a0a-9a68-3f0f4c7cf90a.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Madinet Masr profits more than double in 1Q 2023 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/madinet-masr-profits-more-than-double-in-1q-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madinet Masr profits more than double in 1Q 2023\" \/>\n<meta property=\"og:description\" content=\"EGX-listed real estate developer Madinet Masr reported EGP 304.4 mn in net income in 1Q 2023, up 153% y-o-y,according to its earnings release (pdf). Revenues climbed 24% y-o-y to EGP 1 bn during the period on the back of higher gross contracted sales. Sales values were up even as unit volumes fell: Madinet Masr\u2019s gross [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/madinet-masr-profits-more-than-double-in-1q-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-24T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1290.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/madinet-masr-profits-more-than-double-in-1q-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/madinet-masr-profits-more-than-double-in-1q-2023\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Madinet Masr profits more than double in 1Q 2023\",\"datePublished\":\"2023-05-24T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/madinet-masr-profits-more-than-double-in-1q-2023\/\"},\"wordCount\":345,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/madinet-masr-profits-more-than-double-in-1q-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1290.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Abdallah Sallam\",\"earnings watch\",\"EnterpriseAM\",\"Madinet Masr\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/madinet-masr-profits-more-than-double-in-1q-2023\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/madinet-masr-profits-more-than-double-in-1q-2023\/\",\"name\":\"Madinet Masr profits more than double in 1Q 2023 - 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sold","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/493.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620795,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/madinet-masr-nearly-tripled-its-income-in-1q\/","url_meta":{"origin":587253,"position":1},"title":"Madinet Masr nearly tripled its income in 1Q","author":"enterpriseam admin","date":"27 May 2024","format":false,"excerpt":"The developer saw its gross contracted sales grow more than 8x in the quarter","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2070.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562645,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/drop-in-1q-income-thanks-to-unfavorable-base-effect-mnhd\/","url_meta":{"origin":587253,"position":2},"title":"Drop in 1Q income thanks to unfavorable base effect -MNHD","author":"enterpriseam admin","date":"1 June 2021","format":false,"excerpt":"EARNINGS UPDATE- The sizable fall in Madinet Nasr Housing and Development\u2019s (MNHD) net income in 1Q2021 was due to an unfavorable base effect caused by a land sale in 2020, the company said in a press release (pdf) yesterday. MNHD\u2019s earnings statement showed that net income fell 70% y-o-y in\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":615983,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/27\/madinet-masr-nearly-tripled-its-earnings-in-2023-saw-record-sales\/","url_meta":{"origin":587253,"position":3},"title":"Madinet Masr nearly tripled its earnings in 2023, saw record sales","author":"enterpriseam admin","date":"27 February 2024","format":false,"excerpt":"The company\u2019s growth was driven by sales at Taj City and Sarai projects","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2568.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558415,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/mnhds-consolidated-net-income-down-53-in-1h2021\/","url_meta":{"origin":587253,"position":4},"title":"MNHD\u2019s consolidated net income down 53% in 1H2021","author":"enterpriseam admin","date":"9 August 2021","format":false,"excerpt":"Madinet Nasr Housing and Development\u2019s (MNHD) consolidated net income fell 53% y-o-y in 1H2021 to EGP 228.6 mn, down from EGP 481.9 mn the year before, according to the company\u2019s unaudited financials (pdf). Revenues declined 27% y-o-y to EGP 954.5 mn during the six-month period, compared to the EGP 1.3\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":609864,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/madinet-masrs-earnings-more-than-double-in-9m-2023-on-record-sales\/","url_meta":{"origin":587253,"position":5},"title":"Madinet Masr\u2019s earnings more than double in 9M 2023 on record sales","author":"enterpriseam admin","date":"12 November 2023","format":false,"excerpt":"The real estate developer is on track for record sales by the year\u2019s end","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/512.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=587253"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587253\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587237"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587254"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587253"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587253"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}