The award reflects the company’s strong performance and investors’ trust as a leading developer in the Egyptian real estate market and its strategic vision to achieve growth and expansion.
Madinet Masr (stock code MNHD.CA), one of Egypt’s leading urban community developers, has been awarded the EGX Excellence Award for the Largest Trading Volume. This prestigious award recognizes the company’s strong performance throughout 2022. The announcement came as part of the EGX Awards Ceremony for 2023, held at the National Museum of Egyptian Civilization, which is a testament to the Egyptian Stock Exchange’s keenness to connect with all stakeholders in the capital market and recognize and honor its distinguished partners of success.
Commenting on the award, Eng. Abdallah Sallam, President and CEO of Madinet Masr said “We are thrilled to win such a prestigious award and recognition. This award reiterates the company’s strong performance and reflects the investors’ trust in its vision, ambitious growth strategy, and its role as a leading real estate developer in the Egyptian market capitalizing on a strong heritage and expertise for more than 64 years. This significant award empowers us to move forward with our expansion plan both on local and regional levels.”
Madinet Masr recorded outstanding results in 2022, according to the latest financial reports, as contracted sales significantly increased to exceed EGP 11 billion, with revenues doubling to a record EGP 5.2 billion, driven by the successful launch of new projects and the increase in the rate of unit delivery to 2,070 units during 2022, in addition to achieving a net profit of EGP 747.4 million. With a solid vision and plan to pursue growth and expansion, the company is currently studying local and regional expansion opportunities, developing its land bank, launching new projects, and building sustainable integrated communities for the future.
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Since 1959, Madinet Masr has served the housing needs of millions of Egyptians. Initially founded to develop master projects for the Cairo district of Nasr City, home to three million residents, Madinet Masr has grown into a premier real estate developer and has become one of the country’s most recognizable real estate brands. Madinet Masr was listed on the Egyptian Exchange in 1996, capitalizing on a long and successful track record of delivering world-class housing and infrastructure projects to broaden its exposure to various target segments of the Egyptian real estate market. Anchored in the Greater Cairo Area and with a growing presence in other regions of Egypt, the Company holds a land bank of over nine million square meters (sqm). Madinet Masr had fifteen active projects across two main developments at the close of FY 2022: Taj City, a 3.6 million sqm mixed use development positioned as a premier cultural destination, and Sarai a 5.5 million sqm mixed use development strategically located near Egypt’s New Administrative Capital between Cairo and Suez.
