Madinet Masr's bottom line dips 14% to EGP 682.5 mn in 1Q 2026

Madinet Masr’s bottom line dipped 14.1% y-o-y to EGP 682.5 mn in 1Q 2026, hampered by a flurry of lower-margin unit handovers, according to an earnings release (pdf). However, the top line grew 7.4% y-o-y to EGP 2.8 bn as the developer ramped up construction, driving a staggering 256.7% increase in deliveries to hit 831 units.

New sales cooled 7.0% y-o-y to EGP 11.7 bn as the broader real estate market caught its breath. Even though the developer sold more homes — volumes jumped 59.0% to 1.5k units — average selling prices dropped as buyers gravitated toward an affordable housing project outside East Cairo, the company’s IR department tells EnterpriseAM. Routine contract terminations also drove EGP 264.1 mn in revenue reversals, though strong collections improved the delinquency rate to 1.0% from 1.6% a year earlier.

A first-ever dividend: Madinet Masr distributed its first-ever stock dividend of 4.2% in March, alongside a banknote payout. Robust collections also helped the developer close the quarter with EGP 380.1 mn in net liquidity, reversing an EGP 329.2 mn net debt position at the end of 2025.

The company has also recently launched several subsidiaries, which it described as “vertically expanding our services ecosystem around our core industry development business.” The brokerage arm, Doors, aims to expand sales and brokerage reach, while finishing-services provider, Finishing Solutions, supports customers post-handover. Additionally, the fractional investment platform SAFE is geared to expand monetization prospects across the customer lifecycle and diversify revenue streams.