Madinet Masr Reports Results for 9M 2025 dinet Masr reports resilient results for the first
nine months of 2025, maintaining strong profitability and operational momentum as it expands its
deliveries and development footprint across its megaprojects.
Madinet Masr Reports Results for 9M 2025
Madinet Masr, one of Egypt’s leading urban community developers, announced
today its consolidated financial results for the nine-month period ended 30 September 2025 (9M 2025),
including its subsidiaries operating across construction, real estate investments, and other related business lines.
For 9M 2025, Madinet Masr reported a net profit of EGP 2.4 billion on total revenue of EGP 7.4 billion.
For the quarter ended on 30 September 2025 (Q3 2025), the Company reported a net profit of EGP 1.1 billion,
with revenues reaching EGP 2.6 billion.
Key Highlights
In 9M 2025, Madinet Masr recorded new sales of EGP 36.3 billion, up 11.2% y-o-y, supported by a shift
toward higher-value inventory and contributions from recent launches, reflecting continued strong demand
across existing developments and the successful launch of new projects.
In Q3 2025, new sales booked EGP 15.1 billion, a 27.5% increase from the EGP 11.8 billion
recorded in Q3 2024.
The Company delivered 1,014 units during 9M 2025, compared to 478 units in 9M 2024, as handovers
continued across Taj City and Sarai following substantial progress in construction and infrastructure works.
Revenue from unit deliveries doubled y-o-y, reaching EGP 1.6 billion in 9M 2025, up 100.9% from
EGP 773.1 million in 9M 2024, underscoring the steady pace of project completions.
On a quarterly basis, revenue from unit deliveries also increased by 100.2% y-o-y to EGP 681.6 million
in Q3 2025 versus EGP 340.5 million in Q3 2024.
This resulted in an increase in the contribution of unit delivery revenues to total revenues excluding
reversals and interest revenues, to reach 20.4%, up from 10.1% during the same period last year.
Revenue reached EGP 7.4 billion in 9M 2025, compared to EGP 7.5 billion in 9M 2024, driven by strong
growth in unit delivery revenues, which doubled on a yearly and quarterly basis. The change also
reflects the Company’s ongoing operational progress and ability to convert sales into handovers. On a quarterly basis, the Company booked EGP 2.6 billion in Q3 2025, compared to EGP 3.0 billion in Q3 2024.
Gross profit reached EGP 4.9 billion in 9M 2025, down 10.4% y-o-y from EGP 5.5 billion in 9M 2024, yielding a gross profit margin of 66.2% against 73.2% a year earlier. The margin contraction reflects a normalization from an exceptional year, and higher contribution from unit deliveries, which typically generate lower margins than new sales. Gross profit from unit deliveries more than doubled y-o-y, rising 132.7% to EGP 170.5 million in 9M 2025 from EGP 73.3 million in 9M 2024, underscoring enhanced profitability in deliveries and outstanding operational execution.
EBITDA recorded EGP 3.1 billion for 9M 2025, compared to EGP 3.4 billion in 9M 2024, with an EBITDA margin of 42.2% versus 46.2% the previous year. The decline reflects the normalization of margins following last year’s exceptional growth, alongside a higher contribution of revenue from unit deliveries, which naturally has lower margins.
Net profit recorded EGP 2.4 billion in 9M 2025, down 6.6% from EGP 2.5 billion in 9M 2024, reflecting stable profitability. The corresponding net profit margin stood at 31.9% versus 33.8% in 9M 2024.
Madinet Masr remained a zero-net-debt company with a strong net cash position of EGP 1.4 billion as of 30 September 2025, compared to an EGP 835.6 million net cash position as of 31 December 2024.
Net notes receivable booked EGP 5.0 billion as of 30 September 2025, compared to EGP 2.4 billion at year-end FY 2024. By 30 September 2025, total accounts and notes receivable, including off-balance-sheet PDCs for undelivered units, amounted to EGP 70.7 billion versus EGP 59.8 billion at 30 September 2024.
Cash collections amounted to EGP 11.3 billion in 9M 2025, up 11.7% y-o-y from EGP 10.1 billion in 9M 2024, reflecting strong sales performance.
The Company deployed EGP 5.4 billion in construction and infrastructure CAPEX in 9M 2025, compared to EGP 5.0 billion in 9M 2024, with spending focused on accelerating construction progress to boost unit deliveries. Most of the CAPEX was allocated to ongoing projects across Taj City, Sarai, and The Butterfly in Mostakbal City and Talala New Heliopolis. In Q3 2025, CAPEX spending amounted to EGP 2.5 billion, versus EGP 3.1 billion in Q3 2024.
Management Comment
As we approach the end of 2025, I am pleased to share that Madinet Masr has maintained a solid and balanced performance following last year’s exceptional results. Our team’s focus on execution, financial discipline, and customer trust has allowed us to deliver consistent progress despite a more normalized market environment.
Throughout the year, the Company continued to grow its commercial pipeline, backed by the dominance of demand for East Cairo estate. We recorded EGP 36.3 billion in new sales, with an unrecognized revenue backlog of EGP 86.4 billion as of the end of 9M 2025, up 26.3% from year-end 2024, reflecting the continued demand across Madinet Masr’s projects and giving us visibility on future cash flows.
As we fulfill on the promises we made last year to expedite construction and deliveries, and reinforcing our commitment to Madinet Masr’s customers, we have successfully increased our units delivered by 112.1% y-o-y, resulting in a 100.9% y-o-y increase in revenues from delivery. Total revenue for the nine-month period has recorded EGP 7.4 billion, matching last year’s record revenues, with a marginal decline of 1.0% y-o-y. All while profitability remained healthy with a gross profit margin of 66.2% and a net profit margin of 31.9%, supported by operational efficiency and disciplined cost management.
Madinet Masr achieved another year of strong cash performance. Collections increased by 11.7% y-o-y to EGP 11.3 billion, reflecting sound customer engagement and efficient portfolio management. Despite higher CAPEX linked to ongoing construction, the Company maintained a robust financial position with a net cash balance of EGP 1.4 billion as of 30 September 2025.
This year also marked major milestones in Madinet Masr’s journey of growth and expansion. The Company launched its latest flagship project, Talala, in New Heliopolis City, with total expected investments of EGP 90 billion. The project is projected to generate estimated sales of EGP 202 billion, reinforcing our expanding pipeline and strong presence in East Cairo. New project launches alongside continued progress at Taj City, Sarai, and The Butterfly, have significantly expanded the Company’s future revenue pipeline. With a total land bank now spanning 12.8 million square meters, including 4.4 million square meters of unlaunched mixed-use land, underscoring Madinet Masr’s position to further create long-term value for shareholders and the communities it serves.
Looking ahead, we are moving forward with confidence in our expansion strategy, both geographically and across product offerings. Backed by a diversified portfolio and a focused team, Madinet Masr is well-positioned to sustain performance and continue shaping the next chapter of urban development in Egypt and the wider region.
