Cairo – Mubasher: Madinet Masr Housing and Development posted 32.64% lower consolidated net profits after tax and non-controlling interest at EGP 793.85 million in the first quarter (Q1) of 2025.
The recorded profits were compared to EGP 1.17 billion in Q1-24, according to the financial indicators.
Basic earnings per share (EPS) hit EGP 0.32 as of 31 March 2025, compared to EGP 0.47 a year earlier.
The sales dropped by 16.70% year-on-year (YoY) to EGP 2.56 billion in Q1-25 from EGP 3.07 billion.
Standalone Business
In the first three months (3M) of 2025, Madinet Masr registered net profits after tax valued at EGP 761.31 million, down 35.33% YoY from EGP 1.17 billion.
Non-consolidated revenues shrank by 21.75% to EGP 2.34 billion in the January-March 2025 period from EGP 2.99 billion in the year-ago period. EPS retreated to EGP 0.30 from EGP 0.47.
Madinet Masr booked gross contracted sales amounting to EGP 11.50 billion in Q1-25, marking an annual drop of 22.90%.
Abdallah Sallam, CEO of Madinet Masr, said: “Amidst a sector-wide normalization, we have successfully sustained our market position supported by a growing and increasingly diversified portfolio which continues to effectively cater to our customers’ evolving needs and tastes.”
“Diving deeper into this quarter’s performance, the key highlight for us was without a doubt the remarkable growth of 623.60% in unit deliveries, which surpassed the 1,000 units mark for the quarter,” Sallam added.
He noted: “In line with this, CAPEX outlays for the period jumped 44.50% year-on-year to EGP 1.50 billion while our unrecognized revenues backlog continued to grow in Q1-25, recording EGP 73.10 billion compared to EGP 64.90 billion this time last year.”
As of 31 December 2024, the company’s consolidated net profits after tax hiked by 36.94% YoY to EGP 2.91 billion from EGP 2.12 billion.
