Madinet Masr, one of Egypt’s leading urban community developers, announced its standalone financial results for the full year ending December 31, 2024 (FY 2024), reporting a net profit of EGP 2.8 bn on total revenue of EGP 8.2 bn, with contracted sales of EGP 41.0 bn, Invest-Gate reports.

For the fourth quarter (Q4 2024), the company recorded a net profit of EGP 262.7 mn, with revenues reaching EGP 952.5 mn and contracted sales exceeding EGP 8.3 bn.

Madinet Masr achieved gross contracted sales of EGP 41.0 bn for FY 2024, reflecting a year-on-year increase of 37.1%, driven by sustained demand and the successful launch of new projects. In Q4 2024, the company recorded gross contracted sales of EGP 8.3 bn.

The company delivered 645 units during FY 2024, a decline of 41.5% year-on-year from the 1,103 units delivered in FY 2023. In Q4 2024, 167 units were delivered, marking a 46.3% decrease compared to the same period last year, as the company focused on mass construction efforts in Taj City and Sarai throughout the year.

Madinet Masr recorded total revenue of EGP 8.2 bn in FY 2024, an increase of 7.2% year-on-year, driven by sustained demand and strong contracted sales. In Q4 2024, revenue stood at EGP 952.5 mn, reflecting a 70.2% slowdown compared to the previous year due to market dynamics and project delivery timelines.

The company’s gross profit reached EGP 5.7 bn in FY 2024, an increase of 13.5% year-on-year, with an associated gross profit margin of 69.9%. In Q4 2024, gross profit stood at EGP 287.1 mn, with a margin of 30.1%.

Madinet Masr recorded an EBITDA of EGP 3.8 bn for FY 2024, up 23.1% year-on-year, yielding an EBITDA margin of 46.5%. In Q4 2024, EBITDA reached EGP 348.7 mn, down 70.0%, with an EBITDA margin of 36.6%.

Net profit surged to EGP 2.8 bn 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 mn, down 65.6%, with a margin of 27.6%.

Madinet Masr closed FY 2024 with a net debt position of EGP 358.5 mn, compared to a net cash position of EGP 35.6 million at the end of FY 2023. This shift was primarily 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 December 31, 2024, compared to 0.01 at year-end 2023.

Net notes receivable recorded EGP 2.3 bn as of December 31, 2024, down from EGP 4.0 bn 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 bn as of December 31, 2024, compared to EGP 29.8 bn as of December 31, 2023.

Cash collections surged 112.0% year-on-year to EGP 13.7 bn in FY 2024, more than doubling from EGP 6.4 bn in FY 2023, reflecting improved collection efficiency and strong sales momentum.

Madinet Masr deployed EGP 6.5 bn in construction and infrastructure CAPEX in FY 2024, up from EGP 2.2 bn in FY 2023, as the company accelerated project execution across its developments.

Eng. Abdallah Sallam, President and CEO of Madinet Masr, stated, “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.”

“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,” Sallam added.