Our CEO

Under our new slogan Proudly Building for Egypt, we are excited to grow Madinet Masr and build all-inclusive communities on a national scale.

I am delighted to report on a stellar year during which we advanced on our strategic objectives, achieved multiple operational milestones, and delivered record-breaking results for our Company. Most importantly, it was a year where we successfully changed everyone’s perception of Madinet Masr. While we are incredibly proud of our heritage, we embarked on an exciting transformation journey in 2022 that presents a wealth of possibilities for Madinet Masr in the future.

It comes as no surprise that a company with Madinet Masr’s track record would have a rich pool of knowledge and talent steering it through the decades. As an organization, we took the time this year to learn from the past, assess the present, and plan for the future. Together, we came up with a new growth strategy and a momentum that will guide us onward and set us apart as a community developer. Our strategy is dynamic and designed to capitalize on changing trends and shifting market conditions.

At the heart of our Company’s vision is a commitment to building sustainable urban communities that prioritize the wellbeing of our residents. To that end, we have forged collaborations with key partners who share our dream and vision. Thanks to these partnerships, we have been able to bring essential services, such as healthcare, education, and entertainment, to our developments, reimagining what it means to live in a modern urban community.

Looking ahead, we are cognizant that the challenges faced in 2022 in terms of a turbulent operating environment, inflationary pressures, and impacts on consumer purchasing power will likely persist in the coming period. That being said, our robust business model and incredibly talented team are equipped to navigate challenges and deliver exceptional results. Our performance during the past year is a mere glimpse of the potential we look forward to unleashing. We are confident that our strategies and forward-looking thinking will propel us to new heights. In the coming period, we will be exploring multiple growth and expansion avenues that encompass new service offerings and geographical locations.

Our performance this year has been the biggest testament to the validity of our approach and the attractiveness of our value proposition. Throughout 2022, strong demand, healthy delivery numbers, and ongoing portfolio optimization efforts yielded results that far exceeded our expectations. A deeper dive shows revenue recorded a record-breaking EGP 5.2 billion, up 146% y-o-y, while net profit booked EGP 747 million compared to EGP 283 million in 2021. Our strong financial performance was supported by an equally impressive operational year, which saw gross contracted sales reach EGP 11.2 billion, up 224% y-o-y, on the back of significant growth in the number of units sold and delivered during the year. One of the most important attributes of our business is that our 9.6 million sqm landbank is owned in freehold, which secures years of sales providing us with strong cash flow visibility and stability for our business.

Throughout the year, we made significant investments in marketing, transforming us into a modern and dynamic real estate developer that is well-positioned to meet the changing demands of a growing industry. Our new identity as a modern and dynamic developer has allowed us to expand our customer base, reaffirming our position as a leading real estate company in Egypt. We excel in integrating technology and innovation into our developments, carefully designing residential and commercial spaces that bring people together and foster a sense of belonging. Moreover, we invest in new technologies to enhance the customer experience, implementing digital tools that streamline our internal processes and improve accessibility to services within our communities. This approach represents a fundamental pillar of our business and ensures that we remain at the forefront of the real estate industry.

In early 2023, we unveiled our new branding from Madinet Nasr for Housing & Development to Madinet Masr, in line with our redefined growth-driven strategy. The rebrand reflects our aspirations and vision for the future as we expand beyond East Cairo to develop urban communities across Egypt. Under our new slogan, Proudly Building for Egypt, we are excited to grow Madinet Masr and build all-inclusive communities on a national scale.

I would like to sincerely thank our esteemed Board of Directors for their support, our customers for their unwavering trust, and our employees for being the engine behind our transformation journey. We are just getting started, and together, I am certain we will continue to deliver incredible achievements in the years to come.