Egypt Madinet Masr profits rise 151% in H1

Egypt’s Madinet Masr reported on Wednesday an increase in its net profits by 151 percent in the first half (H1) of 2023.

The company’s net profits reached around 580.2 million Egyptian pounds, up from 231.1 pounds recorded the year before.

The company’s sales soared by 23.3 percent to reach 2.27 billion pounds, going up from 1.84 billion pounds recorded last year.

Madinet Masr also recorded contractual sales worth 5.29 billion pounds during H1, going up by 54.6 percent from the 3.42 percent billion pounds.

The company also delivered 479 unit during the H1 period of 2023, going down from 832 units recorded during the H1 period of 2022.