Madinet Masr Reports Results for H1 2025
Key Highlights
• Madinet Masr booked gross contracted sales of EGP 21.3 billion for H1 2025, up 1.1% year-on-year. In Q2 2025, the Company recorded gross contracted sales of EGP 10.0 billion, up 65.0% compared to EGP 6.1 billion the same time the previous year, reflecting increased demand for newly launched projects.
• The Company delivered 521 units during H1 2025, up 86.1% year-on-year from the 280 units delivered in H1 2024. In Q2 2025, 288 units were delivered, a 105.7% increase compared to the same period last year.
• Madinet Masr recorded total revenue of EGP 4.8 billion in H1 2025, up 7.0% year-on-year, driven by sustained demand and strong contracted sales. In Q2 2025, revenue stood at EGP 2.2 billion, reflecting a 59.1% increase compared to the same period last year, highlighting the company's strategic success with a focus on delivering value through diversified offerings and enhanced project execution.
• Madinet Masr recorded gross profit of EGP 3.1 billion in H1 2025, down 6.8% compared to the same period last year as gross profit normalizes from last year's boost due to macroeconomic dynamics. In Q2 2025, gross profit grew to EGP 1.5 billion, up 54.2% compared to the same period last year.
• Madinet Masr's EBITDA normalized in H1 2025, recording EGP 1.7 billion, yielding a margin of 35.7%, down 7.7 percentage points, compared to an all-time high in H1 2024, resulting in a year-on-year decrease of 12.1%. In Q2 2025, EBITDA reached EGP 666.4 million, up 77.6% year-on-year, with the EBITDA margin increasing 3.1 percentage points to 29.9%.
• In H1 2025, net profit also normalized, booking EGP 1.3 billion, decreasing 11.9% year-on-year, with a margin decrease of 5.7 percentage points. While in Q2 2025, net profit experienced a 76.2% increase year-on-year, reaching EGP 488.4 million, with a net profit margin of 21.9%, up 2.1 percentage points compared to the same period last year. This reflects the strong growth in the Company's operations building on last year's success.
• Madinet Masr's balance sheet ended H1 2025 with total debt of EGP 4.2 billion, balanced out by a strong cash and cash equivalents balance of EGP 4.6 billion, resulting in a positive net cash position of EGP 352.9 million, compared to a net cash position of EGP 835.6 million at the end of FY 2024. Consequently, the net debt/EBITDA ratio stood at a healthy level of (0.21) as of 30 June 2025, compared to (0.43) at year-end 2024.
• Net notes receivable recorded EGP 4.0 billion as of 30 June 2025, up from EGP 2.4 billion at year-end 2024, yielding a receivables/net debt ratio of (11.5) for H1 2025 versus (2.9) at the close of FY 2024. Total accounts and notes receivable, including off-balance PDCs for undelivered units, amounted to EGP 67.4 billion as of 30 June 2025 compared to EGP 59.8 billion as of 31 December 2024.
• Cash collections increased 18.2% year-on-year, reaching EGP 7.1 billion in H1 2025, reflecting the continued collection efficiency and sales momentum. On a quarterly basis, there was a 38.6% increase, with Q2 2025 cash collections standing at EGP 3.7 billion.
• In H1 2025, Madinet Masr deployed EGP 2.9 billion in construction and infrastructure CAPEX, up 55.7% from EGP 1.8 billion in H1 2024, to EGP 2.9 billion in H1 2025, as the Company accelerated project execution across its growing number of developments. In Q2 2025, this reflected in a 70.9% increase in CAPEX year-on-year, reaching EGP 1.3 billion during the quarter.
Management Comment
As we conclude the second quarter of 2025, I'm proud to highlight Madinet Masr's continued robust financial and operational performance. This comes as a result of our enduring strategic direction, the resilience of our business model, and our agility in adapting to evolving market dynamics. Throughout this period, we sustained our growth trajectory and scored significant growth across key financials by capitalizing on our key advantages: pioneering product innovations, strategic geographic and portfolio expansions, and an unwavering commitment to creating lasting value for our customers and stakeholders.
During Q2 2025, Madinet Masr achieved gross contracted sales of EGP 10.0 billion, reflecting a 65.0% increase compared to the same period last year. This impressive growth was fueled by the successful rollout of new projects and growing demand across our projects. Revenue for Q2 reached EGP 2.2 billion, up 59.1% year-on-year, while net profit increased 76.2%, reaching EGP 488.4 million in Q2 2025, compared to EGP 277.2 million in Q2 2024. The strong performance of our latest launches and our responsiveness to shifting consumer preferences have further solidified our position in the market as we continue to invest into our growth in the market.
We remain focused on broadening our presence, accelerating construction progress, and reinforcing our financial foundation. Our CAPEX investment rose by 70.9% to EGP 1.3 billion during Q2 2025, underscoring our dedication to timely project delivery and maintaining high standards across our projects. In parallel, we continue to invest in our forward-thinking real estate solutions tailored to evolving customer needs. These efforts reflect our strategic vision to lead and shape the future of Egypt's real estate landscape through digitalization and innovation.
Our consolidated performance was further strengthened by the contributions of our subsidiaries; Al Nasr Company for Civil Works played a pivotal role in accelerating construction timelines, further supported by strategic agreements signed with several reputable contractors to advance infrastructure at Taj City and Sarai. On the other hand, Egy Can and Minka supported portfolio diversification and innovation, with Minka playing a vital role in the launch of the Shark Tank Business Park in partnership with Sony Pictures Entertainment and IMP.
I am also proud to highlight the establishment of our new subsidiary in Dubai, under the name Cities of the World, marking a key step in our regional expansion and opening the door for a new chapter in Madinet Masr's story. Building on this, we have also signed an MoU with Waheej for Real Estate in Riyadh, to explore joint development opportunities that leverage our shared technical expertise and financial prowess.
Looking ahead into the remainder of 2025, we remain confident in our ability to build on the momentum achieved so far. Our strategic priorities continue to focus on expanding our development portfolio, enriching our product offerings, and preserving financial resilience. Our recent initiatives and newly launched subsidiaries are also set to play a pivotal role in diversifying our offering and enhancing customer engagement and experience. With a strong pipeline of projects and a proactive stance toward market shifts, Madinet Masr is well-equipped to drive sustained growth and long-term value creation.
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