Madinet Masr Reports Results for FY 2024

Madinet Masr delivers record-breaking full-year results, with contracted sales surging to EGP 41.0 billion and net profit reaching an all-time high of EGP 2.8 billion, driven by robust demand and strategic expansions.

 Madinet Masr, one of Egypt’s leading urban community developers, announced its standalone financial results for the full-year ended 31 December 2024 (FY 2024), reporting a net profit of EGP 2.8 billion on total revenue of EGP 8.2 billion, with contracted sales of 41.0 billion. For the fourth quarter (Q4 2024), the Company recorded a net profit of EGP 262.7 million, with revenues reaching EGP 952.5 million and contracted sales exceeding 8.3 billion.

Key Highlights

• Madinet Masr booked gross contracted sales of EGP 41.0 billion for FY 2024, up 37.1% year-on-year, reflecting sustained demand and the successful launch of new projects. In Q4 2024, the Company recorded gross contracted sales of EGP 8.3 billion.
• The Company delivered 645 units during FY 2024, down 41.5% year-on-year from the 1,103 units delivered in FY 2023. In Q4 2024, 167 units were delivered, a 46.3% decline compared to the same period last year, as the Company focused on mass construction efforts in Taj City and Sarai during this year.
• Madinet Masr recorded total revenue of EGP 8.2 billion in FY 2024, up 7.2% year-on-year, driven by sustained demand and strong contracted sales. In Q4 2024, revenue stood at EGP 952.5 million, reflecting a 70.2% slowdown compared to the previous year due to market dynamics and project delivery timelines.
• Madinet Masr’s gross profit reached EGP 5.7 billion in FY 2024, increasing 13.5% year-on-year, with an associated gross profit margin of 69.9%. In Q4 2024, gross profit stood at EGP 287.1 million, with a margin of 30.1%.
• Madinet Masr recorded an EBITDA of EGP 3.8 billion for FY 2024, up 23.1% year-on-year, yielding an EBITDA margin of 46.5%. In Q4 2024, EBITDA reached EGP 348.7 million, down 70.0% with an EBITDA margin of 36.6%.
• Net profit surged to EGP 2.8 billion for FY 2024, growing 33.3% year-on-year, with a net profit margin of 34.6%. In Q4 2024, net profit recorded EGP 262.7 million, down 65.6% with a margin of 27.6%.
• Madinet Masr closed FY 2024 with a net debt position of EGP 358.5 million, compared to a net cash position of EGP 35.6 million at the end of FY 2023. The shift was due to an increase in loans to finance Midar and other projects. The net debt/EBITDA ratio remained at a healthy level of (0.05) as of 31 December 2024, compared to 0.01 at year-end 2023.
• Net notes receivable recorded EGP 2.3 billion as of 31 December 2024, down from EGP 4.0 billion at year-end 2023, yielding a receivables/net debt ratio of (6.42) for FY 2024 versus 113.40 at the close of FY 2023. Total accounts and notes receivable, including off-balance PDCs for undelivered units, amounted to EGP 57.7 billion as of 31 December 2024 compared to EGP 29.8 billion as of 31 December 2023.
• Cash collections surged 112.0% year-on-year to EGP 13.7 billion in FY 2024, more than doubling from EGP 6.4 billion in FY 2023, reflecting improved collection efficiency and strong sales momentum.
• Madinet Masr deployed EGP 6.5 billion in construction and infrastructure CAPEX in FY 2024, up from EGP 2.2 billion in FY 2023, as the Company accelerated project execution across its developments.

Management Comment

As we close 2024, I am pleased to share Madinet Masr’s strong financial and operational performance, reflecting the resilience of our strategy, the strength of our business model, and our ability to navigate a dynamic market environment. This year we maintained our momentum by leveraging our core strengths: innovative product offerings, strategic expansions, and a deep commitment to delivering value to our customers and stakeholders.

In FY 2024, Madinet Masr recorded gross contracted sales of EGP 41.0 billion, marking a 37.1% year-on-year increase. This growth was driven by the successful launch of new projects and strong demand across our flagship developments, Taj City and Sarai. We also reported revenues of EGP 8.2 billion, a 7.2% rise from the previous year, while net profit climbed to EGP 2.8 billion, up 33.3% year-on-year. The success of our recent launches, coupled with our ability to adapt to evolving consumer demands, has reinforced our market positioning.

Throughout the year, we focused on expanding our footprint, accelerating construction, and strengthening our financial position. We significantly increased our CAPEX investment to EGP 6.5 billion, reinforcing our commitment to construction completion and delivering high-quality developments across Taj City, Sarai, and multiple new projects such as The Butterfly in Mostakbal City. We also introduced innovative real estate solutions that cater to changing customer preferences. These initiatives underscore our vision to be at the forefront of Egypt’s evolving real estate sector.

As we move into 2025, we are confident in our ability to sustain this momentum. Our focus remains on expanding our development projects, enhancing our product offerings, and maintaining financial strength. With a solid pipeline of projects and a proactive approach to market trends, Madinet Masr is well-positioned for continued growth and value creation in the years ahead.

Abdallah Sallam
Chief Executive Officer