Madinet Masr receives the EGX Excellence Award for the Largest Trading Volume
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
By Eman Hamed
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.