Madinet Misr reports EGP 2.8B in 2024 standalone net profit amid record sales growth
Updated 3/9/2025 9:34:00 AM
Arab Finance: Madinet Misr announced record standalone financial results for 2024, with net profit reaching EGP 2.828 billion, a 33.3% year-on-year (YoY) increase, supported by strong demand and strategic expansions, as per an emailed press release.
The company’s gross contracted sales surged 37.1% to an all-time high of EGP 40.995 billion.
Standalone revenues for 2024 grew 7.2% YoY to EGP 8.2 billion, while gross profit rose 13.5% to EGP 5.7 billion, with a gross profit margin of 69.9%.
The company’s operating profit before taxes, interest, depreciation, and amortization increased by 23.1% to EGP 3.8 billion.
In the fourth quarter (Q4) of 2024, Madinet Misr recorded EGP 8.3 billion in contracted sales, while revenues stood at EGP 952.5 million, marking a 70.2% YoY decline due to market challenges and adjusted project delivery schedules.
Net profit for the quarter fell 65.6% YoY to EGP 262.7 million.
Despite the drop in unit deliveries, 645 units in 2024, a 41.5% decline—the company accelerated investments in construction and infrastructure, reaching EGP 6.5 billion compared to EGP 2.2 billion in 2023.
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