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EGX-listed developer Madinet Masr plans to deliver about 1,000 units in the second half of 2025 after handing over 521 units in the first six months, its chief executive said.
CEO Abdallah Sallam told Zawya Projects that H1 2025 deliveries rose 86 percent year-on-year to 521, while Q2 2025 deliveries nearly doubled to 288 units.
The company deployed 2.9 billion Egyptian pounds i ($60 million) in construction and infrastructure CAPEX in the first half, up 55.7 percent from a year earlier, as project execution accelerated.
In August, Madinet Masr launched the EGP 90 billion Talala project in New Heliopolis City. Phase one covers 4,174 units comprising villas, town houses and apartments, with delivery expected within 4.5 years.
Sallam said Talala is expected to generate sales worth EGP 202 billion, adding that the company also plans to introduce hospitality projects at its flagship Taj City and Sarai developments later this year.
He said the company is expanding regionally, having set up a Dubai-based subsidiary in June and a partnership with Saudi Arabia-based developer Waheej for Real Estate to jointly develop projects in the Kingdom.
Madinet Masr is assessing three land plots in Saudi capital Riyadh, ranging between 300,000 and 500,000 square metres (sqm), for a residential project that would be announced soon, he disclosed.
On financing, he said the company is evaluating “a range of options” without disclosing details. In December 2024, it had secured a EGP 9 billion revolving facility from local and international banks for Taj City, Sarai, and debt repayment.
Financial results
Madinet Masr posted EGP 1.3 billion net profit in H1, down 11.9 percent year-on-year (Y-o-Y) margin narrowing by 5.7 percentage points, but Q2 profit rose 76.2 percent to EGP 488.4 million with the margin improving to 21.9 percent. Revenues climbed 7% (Y-o-Y) in H1 to EGP 4.8 billion, with Q2 revenues up 59% at EGP 2.2 billion.
Gross contracted sales reached EGP 21.3 billion in H1, little changed from last year, but Q2 sales rose 65 percent to EGP 10 billion on strong demand for new launches.
The developer closed H1 with EGP 4.2 billion debt and EGP 4.6 billion cash and cash equivalents, leaving a net cash position of EGP 352.9 million, down from EGP 835.6 million at year-end 2024.
(1 US Dollar = 48.33 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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