{"id":615983,"date":"2024-02-27T00:00:00","date_gmt":"2024-02-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/27\/madinet-masr-nearly-tripled-its-earnings-in-2023-saw-record-sales\/"},"modified":"2024-02-27T00:00:00","modified_gmt":"2024-02-27T00:00:00","slug":"madinet-masr-nearly-tripled-its-earnings-in-2023-saw-record-sales","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/27\/madinet-masr-nearly-tripled-its-earnings-in-2023-saw-record-sales\/","title":{"rendered":"Madinet Masr nearly tripled its earnings in 2023, saw record sales"},"content":{"rendered":"

Madinet Masr had a good 2023: <\/strong>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\u2019s standalone earnings release (<\/a>pdf<\/a>)<\/a> showed. The company\u2019s revenues rose 48% y-o-y during the year to just under EGP 8 bn.<\/p>\n

And a solid quarter: <\/strong>The company\u2019s 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. <\/p>\n

SOUND SMART- In real estate, sales \u2260 revenues:<\/strong> 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.<\/p>\n

Madinet Masr is considering expanding outside of Egypt<\/strong>, with an eye on North Africa and the Gulf, CEO Abdallah Salam told CNBC Arabia (watch, runtime: 9:17<\/a>). Salam is hopeful that the company could launch in Saudi Arabia during the first half of this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s growth was driven by sales at Taj City and Sarai projects<\/p>\n","protected":false},"author":1,"featured_media":615984,"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":[130,409,72,353,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-construction","tag-earnings-watch","tag-enterpriseam","tag-madinet-masr-for-housing-and-development","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"32147597-cf18-41e0-9a36-a033eb57cfce","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2568.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Madinet Masr nearly tripled its earnings in 2023, saw record sales","related_issue":[615968],"teaser":"The company\u2019s growth was driven by sales at Taj City and Sarai projects","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.733df797-0b20-4f4f-869b-b27d232b4209.mp3"},"yoast_head":"\nMadinet Masr nearly tripled its earnings in 2023, saw record sales - 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