“Egypt city” submits an offer to develop land in neoheliopolis
Masr city for housing and development (MASR) has announced that it has submitted a technical and financial offer to heli Heli for the development of 3 plots of new Heliopolis land, according to a statement from the Egyptian Stock Exchange.
She added that the total land area is 580 acres with the participation system.
About its financial results for the fiscal year 2023 (ended on December 31, 2023); revenues amounted to approximately EGP 7.6 billion, and during the last quarter of 2023 alone, revenues increased to approximately EGP 3.2 billion, and net profit increased to EGP 764.4 million during the same period, according to the EGX statement.
Contract sales also witnessed an increase at an annual rate of 194.3%, reaching a record level of EGP 29.9 billion during 2023, thanks to the remarkable increase in unit sales. Menk real estate investment company and egycan real estate development company, which were recently acquired by Madinat Misr, succeeded in registering contract sales of EGP 2.2 billion, noting that the value of these sales was not included in the consolidated lists of Madinat Misr, bringing the total contract sales to EGP 32 billion during the year.
During the last quarter alone, contract sales made a strong jump to record EGP 15.0 billion, which is an annual growth rate of 334.5%.
Delivery of 1103 units during 2023, which is an annual decline of 46.7% due to the increase in the number of units ready for delivery during the comparison period of 2022. During the last quarter alone, the company successfully delivered 311 units, an annual growth rate of 67.5%.
Total investments in construction and infrastructure works in existing projects amounted to EGP 2.1 billion during 2023, compared to EGP 1.8 billion during 2022, against the background of investments necessary for construction works in Taj city projects. The total number of new construction contracts was EGP 4 billion as of December 31, 2023. During the last quarter of 2023, the value of investments in construction and infrastructure works in existing projects amounted to EGP 621.0 million, compared to EGP 459.9 million during the same period last year.
