Egypt’s Madinet Masr sales go up by 121.9%

Egypt’s Madinet Masr set a new record for gross contracted sales, generating 14.9 billion Egyptian pounds for the first nine months of 2023.

The company’s expansion and unit sales grew by 121.9 percent year-on-year (YoY).

Revenue recorded 4.4 billion pounds for the first nine months of 2023, up by 48.0 percent yoy, supported by strong gross contracted sales growth.

Every quarter, revenue reached 2.2 billion pounds in quarter 3 (Q3) 2023, an increase of 85.2 percent yoy.

Gross profit came in at 2.9 billion pounds in the first nine months of 2023, rising 134.3 percent year on year.

Madinet Masr’s gross profit margin expanded to 64.9 percent in first nine months of 2023 from 41.0 percent same period last year.

This reflects increased revenue from new sales with higher margins as compared to revenue from unit delivery with lower margins.