MNHD Awarded Fastest Growing Real Estate Company in Egypt 2022 by International Business Magazine LLC, Dubai, UAE
The company’s outstanding results nominated it for the prestigious international award, which was judged by a high-level panel of experts
Madinet Nasr for Housing and Development - one of Egypt’s leading urban community developers – has won the “Fastest Growing Real Estate Company in Egypt 2022” from the International Business Magazine Awards LLC, Dubai, UAE.
The nomination and award-winning process involved a high-level judging panel of experts in each category across different regions (Africa, America, Asia, Europe, and the Middle East) and strict eligibility criteria that MNHD managed to proudly meet after a fierce competition with several companies. The IBM award recognizes achievements in terms of performance, innovation, customer satisfaction, among other categories.
The award comes following MNHD’s whopping standalone financial results, reflecting the nine-month period ending on 30 September 2022. MNHD achieved a record-breaking nine-month gross contracted sales and revenue with net profit more than doubling during the period, along with rapid growth in unit deliveries, as it reported a net profit of EGP 545.0 million on total revenues of EGP 3,001.4 million, as well as a net profit of EGP 308.1 million for the quarter ended 30 September 2022 (Q3 2022), booking a top line of EGP 1,210.7 million. Unit deliveries also nearly doubled in volume year-on-year in 9M 2022 to reach 1,113 units, driven by handovers in Sarai project.
Eng. Abdallah Sallam, President and CEO of MNHD commented on the award saying “We are proud to see our relentless efforts recognized by one of the leading international entities as International Business Magazine Awards. MNHD has identified a strategic plan that prioritizes growth, expansion, and meeting our clients’ needs and demands and we are honored to see our plan paying off as evident in the nine-month financial results and we aspire to sustain and exceed this level of performance in the future.”
International Business Magazine Awards is established with the key objective of recognizing the best-in-class achievements pertaining to budding industrial talent, global leaders, corporates, etc. across varied spheres related to the International Business and Finance arena.
Founded in 1959 and listed on the Egyptian Exchange in 1996, MNHD has capitalized 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. Today, the company holds a land bank of nearly nine million square meters (sqm) anchored in the East Cairo area and with a growing presence in other regions of Egypt. The company has a total of eight active projects across two main developments; Taj City, a 3.5 million sqm mixed-use development in a strategic location in New Cairo on the Ring Road, and only minutes away from East Cairo and Heliopolis, and Sarai a 5.5 million sqm mixed-use development strategically located near Egypt’s New Administrative Capital.
