Madinet Masr, one of Egypt’s leading urban community developers, announced its consolidated financial results for the full year ended 31 December 2025 (FY 2025), marking another year of strong operational and financial performance. The Company recorded revenues of EGP 11.7 billion and net profit of EGP 3.6 billion, supported by solid new sales activity and continued progress in unit deliveries across its master-planned communities. During the fourth quarter (Q4 2025), Madinet Masr generated revenues of EGP 4.3 billion and net profit of EGP 1.3 billion, while new sales reached EGP 16.1 billion, reflecting sustained demand for the Company’s developments.
Summary Income Statement
(EGP mn) Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change
Revenue 4,331.7 1,007.2 330.1% 11,709.9 8,460.8 38.4%
Gross Profit 2,136.1 291.4 633.0% 7,021.6 5,745.5 22.2%
Gross Profit Margin 49.3% 28.9% +20.4 pts 60.0% 67.9% -7.9 pts
EBITDA 1,556.5 549.3 183.4% 4,667.0 3,995.9 16.8%
EBITDA Margin 35.9% 54.5% -18.6 pts 39.9% 47.2% -7.4 pts
Net Profit 1,294.4 427.4 202.8% 3,648.1 2,946.6 23.8%
Net Profit Margin 29.9% 42.4% -12.6 pts 31.2% 34.8% -3.7 pts
Key Operational Indicators Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change
New Sales (EGP mn) 16,079.1 14,603.6 9.8% 52,582.7 47,507.5 10.7%
Units Sold 1,762 711 147.8% 4,462 4,808 -7.2%
Units Delivered 927 167 455.1% 1,941 645 200.9%
Key Highlights
• In FY 2025, Madinet Masr generated new sales of EGP 52.6 billion, a 10.7% year-on-year increase, supported by a shift toward higher-value inventory and contributions from recent launches. This reflects continued strong demand across existing developments and the successful debut of new projects. In Q4 2025, new sales reached EGP 16.1 billion, up 9.8% from EGP 14.6 billion in Q4 2024.
• In FY 2025, the Company delivered 1,941 units, up from 645 in FY 2024, as deliveries continued at Taj City and Sarai following substantial progress on construction and infrastructure. Revenue from these deliveries tripled year-on-year, reaching EGP 3.1 billion in FY 2025, a 200.4% increase from EGP 1.0 billion in FY 2024, highlighting steady project completion. Quarterly, delivery revenues grew 492.3% year-on-year to EGP 1.6 billion in Q4 2025 from EGP 263.5 million in Q4 2024. Consequently, the share of delivery revenues in total revenues rose to 26.6% in FY 2025, up from 12.3% the year prior.
• Madinet Masr generated EGP 11.7 billion in total revenue during FY 2025, representing a 38.4% year-on-year increase compared to EGP 8.5 billion in FY 2024, supported by stronger revenue recognition from both new sales and unit deliveries. On a quarterly basis, the Company reported EGP 4.3 billion in revenue in Q4 2025, compared to EGP 1.0 billion in Q4 2024, reflecting a 330.1% increase.
• Gross profit totaled EGP 7.0 billion in FY 2025, reflecting a 22.2% year-on-year increase from EGP 5.7 billion in FY 2024. The corresponding gross profit margin stood at 60.0%, compared to 67.9% in the previous year, reflecting a shift in revenue mix toward a higher contribution from unit deliveries, which typically generate lower margins than new sales. On a quarterly basis, gross profit reached EGP 2.1 billion in Q4 2025, compared to EGP 291.4 million in Q4 2024, with the margin improving to 49.3% versus 28.9% in the comparable quarter last year.
• EBITDA amounted to EGP 4.7 billion in FY 2025, representing a 16.8% increase year-on-year compared to EGP 4.0 billion in FY 2024. The corresponding EBITDA margin stood at 39.9%, compared to 47.2% in the prior year, reflecting a change in revenue mix toward a higher contribution from unit deliveries, which typically carry lower margins than new sales. On a quarterly basis, EBITDA reached EGP 1.6 billion in Q4 2025, compared to EGP 549.3 million in Q4 2024, yielding an EBITDA margin of 35.9%.
• Net profit reached EGP 3.6 billion in FY 2025, representing a 23.8% year-on-year increase compared to EGP 2.9 billion in FY 2024. The corresponding net profit margin stood at 31.2%, compared to 34.8% in the previous year. On a quarterly basis, net profit amounted to EGP 1.3 billion in Q4 2025, compared to EGP 427.4 million in Q4 2024, yielding a net profit margin of 29.9%.
• Madinet Masr ended FY 2025 with a net debt position of EGP 329.2 million, reflecting increased financing to support project execution and expansion across its developments. Total debt reached EGP 5.9 billion, with the debt-to-equity ratio standing at 46.4%. The Company maintained a healthy net debt-to-EBITDA ratio of 0.07.
• Net notes receivable amounted to EGP 6.5 billion as of 31 December 2025, reflecting ongoing growth in sales and installment-based collections. Additionally, total accounts and notes receivable, including off-balance-sheet post-dated cheques (PDCs) for undelivered units, reached EGP 88.4 billion, emphasizing the Company’s expanding receivables base supported by strong contracted sales.
• Cash collections reached EGP 15.9 billion in FY 2025, representing a 16.3% year-on-year increase from EGP 13.7 billion in FY 2024, supported by continued strong sales momentum and steady instalment collections across the Company’s developments.
• Madinet Masr deployed EGP 8.0 billion in construction and infrastructure CAPEX during FY 2025, representing a 22.7% increase compared to EGP 6.5 billion in FY 2024, as the Company continued to accelerate development activity across its flagship projects. The majority of spending was directed toward Taj City and Sarai, which together accounted for the largest share of total CAPEX during the year, alongside continued investments in Talala New Heliopolis and other ongoing developments. On a quarterly basis, CAPEX reached EGP 2.5 billion in Q4 2025, compared to EGP 1.5 billion in Q4 2024, reflecting continued progress in construction and infrastructure works across the Company’s portfolio.
Management Comment
As we conclude 2025, Madinet Masr continued to deliver solid operational and financial performance, building on the momentum achieved in recent years while navigating a more balanced market environment. Our focus on disciplined execution, sustained customer demand, and strategic investment across our developments enabled the Company to maintain steady growth while advancing the delivery of our long-term development pipeline.
During the year, Madinet Masr recorded EGP 52.6 billion in new sales up 10.7% y-o-y from the EGP 47.5 billion recorded in FY 2024, reflecting continued demand across our developments, particularly Sarai and Taj City. This strong commercial performance supported a significant expansion in our unrecognized revenue backlog to EGP 94.8 billion as of year-end 2025, providing strong visibility on future revenue generation and cash flows.
Operationally, the Company accelerated its delivery pace, handing over 1,941 units in FY 2025, reflecting a 200.9% increase compared to 645 in the previous year, as construction progressed across multiple phases of our developments. As a result, revenue grew by 38.4% year-on-year to EGP 11.7 billion, while net profit reached EGP 3.6 billion, reflecting sustained profitability as the Company continued converting sales into deliveries.
Supporting this operational progress, Madinet Masr deployed EGP 8.0 billion in construction and infrastructure CAPEX during FY 2025, representing a 21.1% increase compared to EGP 6.5 billion in FY 2024, as the Company continued to accelerate development activity across its flagship projects. The majority of investments were directed toward Taj City and Sarai, alongside continued spending on Talala in New Heliopolis and other ongoing developments, reinforcing the Company’s commitment to advancing construction progress and expanding its development footprint.
Overall, Madinet Masr maintained a strong financial position, with net cash and short-term investments reaching EGP 5.6 billion. In parallel, total accounts and notes receivable, including off-balance-sheet PDCs, increased to EGP 88.4 billion, reflecting the continued growth of the Company’s contracted portfolio.
Alongside expanding its development activities, Madinet Masr has continued to strengthen its comprehensive real estate platform by establishing several specialized subsidiaries and service platforms that support various stages of the real estate value chain. These include Doors, the Company’s sales and project management arm, CHUM for managing residential and commercial communities, Madinet Masr Finishing, KLUB Kayan for sports club management, and SAFE for real estate investment and innovative financial solutions like Touba and Theqa. These platforms operate under Madinet Masr Innovation Labs and support the company’s strategy of vertical growth, enabling it to create integrated, value-driven communities and generate additional recurring revenue streams.
In parallel with these initiatives, the Company has made a strategic move to expand regionally by launching Citydom, a jointly owned real estate development platform with Waheej Real Estate in Saudi Arabia. This 50/50 partnership demonstrates Madinet Masr’s goal to extend its successful urban development model beyond Egypt and to create innovative, sustainable residential communities in the Kingdom. Through this collaboration, Citydom aims to identify land acquisition opportunities within the Al-Janadriyah masterplan in Riyadh, setting the stage for an integrated residential project that aligns with Saudi Vision 2030 and addresses the changing needs of Saudi families.
Looking ahead, Madinet Masr remains focused on executing its development strategy, expanding its project pipeline, and maximizing the value of its land bank. With a diversified portfolio, strong demand fundamentals, and continued investment in construction and infrastructure, the Company is well-positioned to sustain its growth trajectory and continue shaping Egypt’s evolving urban communities.
Abdallah Sallam
Chief Executive Officer
