MIDAR announces fiscal year 2024 financial results with over 500% profit growth following successful partnerships with leading local and regional investors
MIDAR for Investment and Urban Development, the founder and master developer of the mega-cities "Mostakbal City" and "MADA" in New Cairo, has announced its financial and operational results for the fiscal year 2024. The results reflect a significant increase in revenue and net profit growth rates, driven by the company's successful partnerships with major real estate developers in Egypt to advance projects within MIDAR's cities.
The company's financial statements for FY 2024 revealed a remarkable revenue growth rate of 584%, underscoring the substantial progress in its operations over the past year.
In terms of net profit, MIDAR continued its strong performance in the Egyptian market, solidifying its position as the preferred investment partner for local, regional, and global entities seeking to develop world-class real estate and entertainment projects. The net operating profit for 2024 surged by over 500% compared to the profits achieved in 2023.
Eng. Ayman Elkousey, CEO and Managing Director of MIDAR for Investment and Urban Development, emphasized that these positive results reflect MIDAR's established leadership, achieved through years of dedicated work in the Egyptian market. He noted that the company's robust financial indicators demonstrate the success of MIDAR's pioneering approach as the master developer of sustainable integrated cities in Egypt. This success further incentivizes major investment entities to partner with MIDAR in developing modern, integrated residential and entertainment cities.
Elkousey also expressed his pride in MIDAR's recognition by the Ministry of Finance during the "Shokran" (Thank You) Conference, held in collaboration with the Egyptian Tax Authority. This acknowledgment highlights MIDAR's pivotal role in supporting the government's efforts to modernize the tax system. The honor reflects the state's appreciation for leading economic entities that uphold transparency, foster partnership, and strengthen trust between the government and taxpayers.
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