It’s earnings season, and real estate developer Madinet Masr and local pharma player Rameda are both out with their 3Q earnings.

MADINET MASR SEES INCOME, REVENUES DIP IN 3Q-

Madinet Masr reported a net income of EGP 1.1 bn in 3Q 2025, down 30.9% y-o-y, according to its latest earnings release (pdf). Revenues came in at EGP 2.6 bn, down 12.5% y-o-y, due to a more normalized operating environment after a strong 2024.

Revenue performance in 3Q was shaped by a doubling in unit delivery revenues to EGP 682 mn, supported by a 149% jump in delivered units to 493, mainly across the company’s flagship Taj City and Sarai projects. New sales hit EGP 15.1 bn, up 27.5% y-o-y, driven by strong demand for higher-value inventory and new launches, including Talala in New Heliopolis.

On a 9M basis, Madinet Masr reported EGP 2.4 bn in net income, down 6.6% y-o-y. Meanwhile, revenues stayed almost flat compared to the year before, falling 1,0% to reach EGP 7.4 bn. The company’s unit delivery revenues doubled y-o-y to EGP 1.6 bn, while new sales rose 11.2% to EGP 36.3 bn. The company handed over 1k units, up 112% y-o-y due to faster construction progress.

What they said: “Looking ahead, we are moving forward with confidence in our expansion strategy, both geographically and across product offerings. Backed by a diversified portfolio and a focused team, Madinet Masr is well positioned to sustain performance and continue shaping the next chapter of urban development in Egypt and the wider region,” CEO Abdallah Sallam said.

RAMEDA’S BOTTOM LINE DIPS, REVENUES JUMP IN 3Q-

Rameda saw its net income fall 20.7% y-o-y in 3Q 2025 to EGP 96 mn, according to its latest earnings release (pdf). Revenues, however, surged 48.7% y-o-y to EGP 1.1 bn, supported by solid growth across all business lines and a sharp rebound in tender sales.

Driving revenues was a 390% y-o-y jump in tender sales to EGP 242 mn. Units sold increased 46% y-o-y to 20.6 mn, supported by a rebound in tenders and a 15% growth in exports. Meanwhile, private market volumes fell 7% due to temporary regulatory changes affecting injectable antibiotics, though excluding this impact, private sales volumes would have grown 19%. The average selling price per private unit rose from EGP 58 to EGP 75 after Rameda’s repricing.

On a 9M basis, Rameda’s net income grew 15.1% y-o-y to EGP 281 mn, and revenues jumped 66.1% y-o-y to EGP 3.0 bn. The growth was driven by a strong performance across all business lines. Private sales rose 53% y-o-y to EGP 2.2 bn, supported by portfolio repricing and full normalization of production. Tender revenues more than tripled to EGP 414 mn, and exports grew 22% to EGP 169 mn, underpinned by a recovery in demand and stronger regional shipments.

What they said:“The third quarter marked another period of solid execution for Rameda, as we delivered strong top-line growth and continued to expand our presence across all market segments. Tender sales reached record levels as the Unified Procurement Authority resumed regular purchasing activity, while private market revenues remained resilient, reflecting the lasting impact of the repricing measures implemented in late 2024 and the strength of our commercial platform,” CEO Amr Morsy said.

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