Madinet Masr reports more than 200% increase in sales for 2023

Madinet Masr reports more than 200% increase in sales for 2023

Egypt-based property developer Madinet Masr announced on Monday that its total sales revenue grew to 34.95 billion Egyptian pounds ($1.13 billion) during the fiscal year ending 31 December 2023, compared to EGP11.2 billion ($362.5 million) during the previous year period. In a press statement, EGX-listed company attributed the more than 200 percent increase in sales to a new business strategy initiated in early 2023, as well as the launch of successful partnerships and new projects within its two master developments, namely Taj City spanning 3.6 million square metres (sqm), as well as Sarai project, spread across an area of 5.5 million sqm. During the year, the developer launched a digital platform Touba, through its innovative arm, Madinet Masr Innovation Labs, to facilitate real estate purchase and investments with flexible payment plans. Abdallah Sallam, President and CEO of Madinet Masr, credited the sales performance to the company’s board, the efforts of its dedicated team and innovative products and solutions. “We are on the right track and our strong performance stems from the unwavering trust of our customers and our dedicated team,” he said. Madinet Masr had 19 active projects across Taj City and Sarai at the close of the second quarter