{"id":596082,"date":"2023-08-10T00:00:00","date_gmt":"2023-08-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/madinet-masrs-net-income-more-than-doubles-in-2q-2023\/"},"modified":"2023-08-10T00:00:00","modified_gmt":"2023-08-10T00:00:00","slug":"madinet-masrs-net-income-more-than-doubles-in-2q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/madinet-masrs-net-income-more-than-doubles-in-2q-2023\/","title":{"rendered":"Madinet Masr\u2019s net income more than doubles in 2Q 2023"},"content":{"rendered":"

EGX-listed real estate developer <\/strong> Madinet Masr <\/strong> reported EGP 280.3 mn in net <\/strong> income in 2Q 2023, up 140% y-o-y <\/strong>, according to its earnings release<\/a> (pdf)<\/a>. Revenues climbed 22% y-o-y to EGP 1.2 bn during the period. <\/p>\n

On a 1H basis, <\/strong> Madinet Masr reported net income of EGP 584.7 mn, up 147% y-o-y. Revenue grew 23% y-o-y to EGP 2.2 bn during the period, driven by new project launches and expansions. <\/p>\n

Rising sales: <\/strong>Madinet Masr\u2019s gross contracted sales rose 55% y-o-y to hit EGP 5.3 bn during 1H 2023. Nearly 64% of sales were at the company\u2019s Taj City<\/a> project, with the remainder at Sarai<\/a>. The company\u2019s subsidiaries Minka and related special purpose vehicle EgyCan generated another EGP 1.45 bn in sales that didn\u2019t show up in the company\u2019s consolidated results for 1H.<\/p>\n

Units sold + deliveries both dipped: <\/strong> The increase in sales value came even as the number of units sold dropped 8% y-o-y to 1.1k from 1.2k units. Deliveries also fell by 42% y-o-y to 479 units during the first half.<\/p>\n

What they said: <\/strong>\u201cDuring the first half of 2023, we focused on driving sales and revenue growth through the successful launch of new projects and phases across our developments,\u201d CEO Abdallah Sallam said. \u201cAs part of our nationwide expansion plan, we successfully launched Zahw<\/a> in West Assiut in June 2023. This marks a significant milestone in our commitment to bring our vision of innovative urban development to communities beyond Cairo,\u201d Sallam added. <\/p>\n

ICYMI- <\/strong> Sallam talked about the company\u2019s expansion mindset \u2014 which led it to rebrand<\/a> earlier this year \u2014 during a panel<\/a> at Enterprise Exports & FDI Forum in May. <\/p>\n

SOUND SMART- <\/strong> In real estate, sales \u2260 revenues. <\/strong> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sales value was up in 1H 2023 despite a dip in the number of units sold<\/p>\n","protected":false},"author":1,"featured_media":596083,"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-596082","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":"b9ed24f7-1f37-4996-a86a-78e556a0db46","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/493.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Madinet Masr\u2019s bottomline more than doubles in 2Q 2023","related_issue":[596071],"teaser":"Sales value was up in 1H 2023 despite a dip in the number of units sold","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.7a221430-5121-45ff-972a-e0de9247da12.mp3"},"yoast_head":"\nMadinet Masr\u2019s net income more than doubles in 2Q 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\/08\/10\/madinet-masrs-net-income-more-than-doubles-in-2q-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madinet Masr\u2019s net income more than doubles in 2Q 2023\" \/>\n<meta property=\"og:description\" content=\"Sales value was up in 1H 2023 despite a dip in the number of units sold\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/madinet-masrs-net-income-more-than-doubles-in-2q-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-10T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/493.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\/08\/10\/madinet-masrs-net-income-more-than-doubles-in-2q-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/madinet-masrs-net-income-more-than-doubles-in-2q-2023\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Madinet Masr\u2019s net income more than doubles in 2Q 2023\",\"datePublished\":\"2023-08-10T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/madinet-masrs-net-income-more-than-doubles-in-2q-2023\/\"},\"wordCount\":361,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/madinet-masrs-net-income-more-than-doubles-in-2q-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/8\/493.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\/08\/10\/madinet-masrs-net-income-more-than-doubles-in-2q-2023\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/madinet-masrs-net-income-more-than-doubles-in-2q-2023\/\",\"name\":\"Madinet Masr\u2019s net income more than doubles in 2Q 2023 - 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Sales values were up even as unit\u2026","rel":"","context":"In "EARNINGS WATCH"","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\/5\/1290.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":639668,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/13\/madinet-masr-juhayna-orascom-development-report-earnings\/","url_meta":{"origin":596082,"position":1},"title":"Madinet Masr, Juhayna, Orascom Development report earnings","author":"enterpriseam admin","date":"13 August 2024","format":false,"excerpt":"Madinet Masr saw its net income rise 149.4% y-o-y during the first half of the year","rel":"","context":"In "EARNINGS WATCH"","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":670059,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/13\/madinet-masr-rameda-tmg-al-baraka-bank-report-earnings\/","url_meta":{"origin":596082,"position":2},"title":"Madinet Masr, Rameda, TMG, Al Baraka Bank report earnings","author":"enterpriseam admin","date":"13 August 2025","format":false,"excerpt":"Madinet Masr saw its net income rise 76% y-o-y in 2Q 2025","rel":"","context":"In "EARNINGS WATCH"","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":558415,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/mnhds-consolidated-net-income-down-53-in-1h2021\/","url_meta":{"origin":596082,"position":3},"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 "EARNINGS WATCH"","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":596082,"position":4},"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 "EARNINGS WATCH"","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":[]},{"id":552068,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/09\/earnings-watch-mnhd-tmg-holding-report-2q-earnings\/","url_meta":{"origin":596082,"position":5},"title":"Earnings watch: MNHD, TMG Holding report 2Q earnings","author":"enterpriseam admin","date":"9 August 2022","format":false,"excerpt":"EARNINGS WATCH-Madinet Nasr for Housing and Development\u2019s bottomline dipped 0.9% y-o-y in 2Q2022 to EGP 116.7 mn, according to the company\u2019s earnings release (pdf). 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