{"id":662049,"date":"2025-03-10T00:00:00","date_gmt":"2025-03-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/10\/palm-hills-madinet-masr-edita-report-2024-earnings\/"},"modified":"2025-03-10T00:00:00","modified_gmt":"2025-03-10T00:00:00","slug":"palm-hills-madinet-masr-edita-report-2024-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/10\/palm-hills-madinet-masr-edita-report-2024-earnings\/","title":{"rendered":"Palm Hills, Madinet Masr, Edita report 2024 earnings"},"content":{"rendered":"

Earnings, earnings, earnings. <\/strong>More companies are out with their 2024 earnings \u2014 we have the annual earnings of real estate giants Palm Hills Developments and Madinet Masr, as well as coverage of Edita Food Industries\u2019 financials for the year. <\/p>\n

PALM HILLS\u2019 NET INCOME MORE THAN DOUBLES IN 2024-<\/p>\n

Local real e<\/strong>state giant Palm Hills Developments\u2019 net income rose 106% y-o-y in 2024 <\/strong>to EGP 3.3 bn, the company said in its latest earnings release (pdf)<\/a>. 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.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

A record year: <\/strong>\u201cWe are pleased to report another successful year, achieving the highest ever sales, revenue, and profit in the company\u2019s history. We are extremely proud of our 2024 results,\u201d Executive Chairman Yasseen Mansour said. <\/p>\n

On a quarterly basis<\/strong>, 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.<\/p>\n

Looking ahead: <\/strong>\u201cWe 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,\u201d said Mansour.<\/p>\n

\n

MADINET MASR CLOSES RECORD 2024-<\/p>\n

Real es<\/strong>tate developer Madinet Masr\u2019s net income increased 33.3% y-o-y in 2024<\/strong> to reach EGP 2.8 bn \u2014 an all-time high for the company \u2014 according to the company\u2019s latest earnings release (pdf)<\/a>. The rise in net income was supported by revenue growth of 7.2% y-o-y to EGP 8.2 bn, driven by \u201csustained demand and strong contracted sales.\u201d The company recorded EGP 41 bn in contracted sales last year, a 37.1% y-o-y increase.<\/p>\n

On a quarterly basis<\/strong>, the developer\u2019s 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 \u2014 since they\u2019re being deferred until unit delivery \u2014 as the reason behind the dip during the quarter.<\/p>\n

Looking ahead: <\/strong>\u201cAs 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,\u201d said CEO Abdallah Sallam.<\/p>\n

Madi<\/strong>net Masr will pay out a <\/strong>dividend<\/strong> of EGP 0.25 per share for its 2024 earnings<\/strong>, pending approval from its general assembly, an EGX disclosure (pdf)<\/a> reads. The board also approved buying back 85.4 mn treasury shares \u2014 equivalent to 4% of total shares \u2014 through open market transactions, funded internally. <\/p>\n

\n

EDITA SEES RECORD REVENUES IN 2024- <\/p>\n

Edita <\/strong>ends the year with a jump in revenues and a dip in income: <\/strong>Edita Food Industries saw its revenues jump 33.2% y-o-y to EGP 16.1 bn in 2024, \u201cprimarily driven by repricing initiatives following the devaluation \u2026and growing volumes in high potential segments,\u201d according to the company\u2019s earning release (pdf)<\/a>. The snackmaker saw its net income dip 6.1% y-o-y to record EGP 1.4 bn. <\/p>\n

Behind the dip in net income: <\/strong>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. <\/p>\n

And behind the jump in revenues: <\/strong>The cake segment was the biggest contributor to the company\u2019s 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. <\/p>\n

Higher prices were behind the increase: <\/strong>The year saw a \u201c38.4% 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,\u201d according to the release. <\/p>\n

In 4Q<\/strong>: <\/strong>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.<\/p>\n

Exports played a key role: <\/strong>The company\u2019s net export sales rose 42.1% y-o-y during the year to reach EGP 1.6 bn. Additionally, Edita Morocco\u2019s revenue saw a 45.8% y-o-y increase to EGP 475.6 mn.<\/p>\n

\n

MOPCO SEES NET INCOME RISE 153%-<\/p>\n

Misr Fertilizer Production Company\u2019s (Mopco) net income after tax rose 153% y-o-y to <\/strong>EGP 15.1 bn in 2024<\/strong>, the fertilizer giant said in a disclosure (pdf)<\/a>. 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\u2019s sales grew 230% y-o-y to EGP 19.7 bn during the same period.<\/p>\n","protected":false},"excerpt":{"rendered":"

Palm Hills recorded the highest ever sales, revenue, and profit in the company\u2019s history in 2024<\/p>\n","protected":false},"author":1,"featured_media":662050,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[302,409,191,72,7203,354,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-662049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings","tag-earnings-watch","tag-edita","tag-enterpriseam","tag-madinet-masr","tag-palm-hills-developments","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"00905eb6-3b1c-40e2-bbcc-3bc63f8827cb","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2082.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Palm Hills, Madinet Masr, Edita report 2024 earnings","related_issue":[662038],"teaser":"Palm Hills recorded the highest ever sales, revenue, and profit in the company\u2019s history in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.a4e460dc-c9b5-4dc3-ba06-79dba7db1606.mp3"},"yoast_head":"\nPalm Hills, Madinet Masr, Edita report 2024 earnings - 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The record bottom line comes on the back of revenues reaching an all-time high during the nine-month period to EGP 9.5 bn,\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546945,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/palm-hills-net-income-rises-44-in-1q-2022\/","url_meta":{"origin":662049,"position":1},"title":"Palm Hills\u2019 net income rises 44% in 1Q 2022","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"Palm Hills Developments\u2019 (PHD) bottom line surged 44% y-o-y in 1Q 2022, driven by a strong increase in sales, the real estate developer said in its latest earnings release (pdf). The company reported net income of EGP 295 mn, supported by a 47% increase in revenues which reached EGP 2.9\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544529,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/","url_meta":{"origin":662049,"position":2},"title":"Housing and Development Bank, Palm Hills report rise in net income","author":"enterpriseam admin","date":"8 March 2022","format":false,"excerpt":"Housing and Development Bank\u2019s (HDB) net income rose 5% in 4Q 2021 to EGP 396 mn, according to the bank\u2019s latest earnings release (pdf). The bank reported net interest income of EGP 818 mn during the quarter, down almost 1% from 4Q 2020.In 2021: HDB reported EGP 1.8 bn in\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548711,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/earnings-watch-efg-hermes-palm-hills-swvl\/","url_meta":{"origin":662049,"position":3},"title":"Earnings Watch: EFG Hermes, Palm Hills, Swvl","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"EFG Hermes\u2019 net income after tax and minority interest eased 15% y-o-y to EGP 344 mn in 2Q 2022 on higher taxes and minority interest after the consolidation of aiBank, according to its earnings release (pdf).The group\u2019s operating revenues rose 28% y-o-y to EGP 2.1 bn during the quarter, boosted\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/320.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587799,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/palm-hills-revenues-up-22-in-1q-2023\/","url_meta":{"origin":662049,"position":4},"title":"Palm Hills\u2019 revenues up 22% in 1Q 2023","author":"enterpriseam admin","date":"1 June 2023","format":false,"excerpt":"Net income was down 14% on higher financing costs","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1759.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546901,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/earnings-watch-e-finance-palm-hills\/","url_meta":{"origin":662049,"position":5},"title":"Earnings Watch: E-Finance, Palm Hills","author":"enterpriseam admin","date":"1 June 2022","format":false,"excerpt":"E-Finance\u2019s net income soared 41% y-o-y in 1Q2022 to EGP 200.3 mn, according to the company\u2019s earnings release (pdf). Revenues at the EGX-listed fintech firm rose 21% during the quarter to record EGP 559.5 mn.The breakdown: Topline growth was driven by e-Finance\u2019s digital operations subsidiary, where revenues grew 23% to\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/662049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=662049"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/662049\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/662038"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/662050"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=662049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=662049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=662049"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=662049"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=662049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}