Egyptian real estate tycoon Abdallah Sallam’s Madinet Masr profit hit $58.3 million in 2024

Key Points

• Madinet Masr’s net profit climbed 38% to $58.3 million, fueled by high contracted sales and a 7.2% rise in net operating revenues.
• The company’s gross profit grew 13.5% to $115 million, maintaining a robust 69.9% gross margin despite economic shifts.
• Debt rose to $7.09 million as Madinet Masr expanded aggressively, including its ambitious Midar project, reinforcing its strong market position.

Madinet Masr Housing and Development(MNHD), a leading real estate developer led by Egyptian real estate tycoon Abdallah Sallam, posted robust earnings for its 2024 fiscal year, with net profit surging 38 percent to EGP2.95 billion ($58.3 million). The performance was driven by sustained market demand, strategic expansions, and a solid uptick in net operating revenues.

Strong revenue growth and profitability

According to the company’s full-year earnings release, net profit climbed from EGP2.13 billion ($43.2 million) in 2023 to EGP2.95 billion ($58.3 million) in 2024. This strong financial showing was underpinned by a 7.2 percent increase in net operating revenues, which rose from EGP7.64 billion ($151 million) to EGP8.19 billion ($161.9 million). 

The surge in revenue was fueled by high contract sales and sustained buyer interest in the company’s developments. The company’s ability to sustain profitability despite a shifting macroeconomic landscape underscores its resilience and operational efficiency.

Shifting financial structure and CEO’s comment

Madinet Masr’s financial position saw a shift in 2024 as net debt stood at EGP358.5 millionb($7.09 million) at year-end, primarily due to increased borrowing to finance the company’s ambitious Midar project and other expansion initiatives. 

Under the leadership of Abdallah Sallam, Madinet Masr delivered a record-breaking year, reinforcing its position as a dominant force in Egypt’s real estate sector. Commenting on the company’s performance, Sallam stated: “This year, we successfully leveraged our strengths—innovative developments, strategic expansions, and a deep commitment to customer value—allowing us to navigate a dynamic market and achieve remarkable growth.” 

With Egypt’s real estate market showing continued resilience, the company remain confident in its ability to sustain momentum and drive long-term value creation.

Strategic growth amid market shifts

Founded in 1959, Madinet Masr has cemented itself as a leading player in Egypt’s real estate sector. Under Abdallah Sallam, the company has expanded aggressively, with the establishment of MINKA Development further diversifying its portfolio. 

Despite macroeconomic headwinds, Madinet Masr’s financial results highlight its ability to capitalize on market demand and execute strategic growth initiatives. The company’s rising debt levels indicate an aggressive expansion strategy, but with strong contracted sales and resilient gross margins, it remains well-positioned for sustained profitability in 2025.