Earnings, earnings, earnings. More companies are out with their 2024 earnings — we have the annual earnings of real estate giants Palm Hills Developments and Madinet Masr, as well as coverage of Edita Food Industries’ financials for the year.

PALM HILLS’ NET INCOME MORE THAN DOUBLES IN 2024-

Local real estate giant Palm Hills Developments’ net income rose 106% y-o-y in 2024 to EGP 3.3 bn, the company said in its latest earnings release (pdf). During the same period, revenue rose 56% y-o-y to EGP 27.2 bn, which the company attributes to an increase in new sales and the delivery of units in its Badya, Palm Hills New Cairo, Palm Hills Alexandria, and the Crown projects. Sales for the 12-month period came in at EGP 151 bn, marking a 154% y-o-y increase.

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A record year: “We are pleased to report another successful year, achieving the highest ever sales, revenue, and profit in the company’s history. We are extremely proud of our 2024 results,” Executive Chairman Yasseen Mansour said.

On a quarterly basis, net income came 72% y-o-y higher at EGP 914 mn in 4Q 2024, while revenue rose 49% to EGP 9.2 bn during the same period.

Looking ahead: “We have stepped into 2025 with strength and confidence, believing this will be another exciting year for Palm Hills. We are preparing for new developments and opportunities through strategic moves, remaining committed to unveiling innovative projects and unparalleled offerings that will shape the long-term trajectory of our company. Furthermore, we anticipate that any favorable policy shifts will contribute to stimulating both the economy and the sector in 2025,” said Mansour.

MADINET MASR CLOSES RECORD 2024-

Real estate developer Madinet Masr’s net income increased 33.3% y-o-y in 2024 to reach EGP 2.8 bn — an all-time high for the company — according to the company’s latest earnings release (pdf). The rise in net income was supported by revenue growth of 7.2% y-o-y to EGP 8.2 bn, driven by “sustained demand and strong contracted sales.” The company recorded EGP 41 bn in contracted sales last year, a 37.1% y-o-y increase.

On a quarterly basis, the developer’s net income dropped 65.6% y-o-y to EGP 262.7 mn in 4Q 2024, revenues fell 70.2% y-o-y to EGP 952.5 mn, and contracted sales stood at EGP 8.3 bn. The release points to EGP 5.2 bn in contracted sales from The Butterfly and Zahw Assiut projects not being recognized as revenue — since they’re being deferred until unit delivery — as the reason behind the dip during the quarter.

Looking ahead: “As we move into 2025, we are confident in our ability to sustain this momentum. Our focus remains on expanding our development projects, enhancing our product offerings, and maintaining financial strength. With a solid pipeline of projects and a proactive approach to market trends, Madinet Masr is well-positioned for continued growth and value creation in the years ahead,” said CEO Abdallah Sallam.

Madinet Masr will pay out a dividend of EGP 0.25 per share for its 2024 earnings, pending approval from its general assembly, an EGX disclosure (pdf) reads. The board also approved buying back 85.4 mn treasury shares — equivalent to 4% of total shares — through open market transactions, funded internally.

EDITA SEES RECORD REVENUES IN 2024-

Edita ends the year with a jump in revenues and a dip in income: Edita Food Industries saw its revenues jump 33.2% y-o-y to EGP 16.1 bn in 2024, “primarily driven by repricing initiatives following the devaluation …and growing volumes in high potential segments,” according to the company’s earning release (pdf). The snackmaker saw its net income dip 6.1% y-o-y to record EGP 1.4 bn.

Behind the dip in net income: The release pointed to higher costs on the back of the float, elevated interest rates, and a rise in expenses to support expansion plans as the main reasons behind net income falling during the year.

And behind the jump in revenues: The cake segment was the biggest contributor to the company’s topline for the year, with sales making up 51.3% of the total figures. It was followed by the bakery (28.8%), wafers (10.7%), and rusks (4.5%) segments. Cake revenues saw a modest 37.1% y-o-y growth to record EGP 8.3 bn, bakery revenues were up 14.5% y-o-y during the year to record EGP 4.7 bn, and revenues from wafers were up 60.8% to reach EGP 1.7 bn.

Higher prices were behind the increase: The year saw a “38.4% y-o-y increase in the average price per pack to EGP 4.20. The average price per ton also rose by 38.0% y-o-y. Meanwhile, the total number of packs sold declined by 3.8% y-o-y to 3.8 bn packs, primarily due to lower volumes in the cake, bakery, and rusks segments,” according to the release.

In 4Q: Edita recorded revenues of EGP 4.2 bn, reflecting a 25.9% y-o-y increase. Meanwhile, net income for the quarter declined 4.8% y-o-y to EGP 308.5 mn.

Exports played a key role: The company’s net export sales rose 42.1% y-o-y during the year to reach EGP 1.6 bn. Additionally, Edita Morocco’s revenue saw a 45.8% y-o-y increase to EGP 475.6 mn.

MOPCO SEES NET INCOME RISE 153%-

Misr Fertilizer Production Company’s (Mopco) net income after tax rose 153% y-o-y to EGP 15.1 bn in 2024, the fertilizer giant said in a disclosure (pdf). The statement attributed the increase to an EGP 7.1 bn rise in FX conversion gains from the year before in addition to a EGP 1.4 bn increase in financial revenue. The company’s sales grew 230% y-o-y to EGP 19.7 bn during the same period.

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