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Madinet Masr rakes in almost EGP three billion during 2024
Madinet Masr for Housing and Development (MASR) reported a 37% YoY rise in income last year on the back of strategic expansions and robust demand.
The company revealed in a statement to the Egyptian Stock Exchange that it posted post-tax profits of EGP 2.91 billion in 2024, up from EGP 2.12 billion in 2023.
Its revenues also climbed to EGP 8.46 billion, compared to EGP 8.11 billion in 2023. |
Growth drivers
The company reported its highest ever sales last year, bringing in over EGP 46 billion from the sale of 4,708 residential units within its projects.
MASR attributes its success to the launch of several key projects; which include launching new compounds in ‘Taj City,‘ ‘Sarai,’ and ‘The Butterfly‘ in Mostakbal City.
The firm also established what it says is the region’s first sports-focused Swiss international school in collaboration with Klub Kayan, operated by Blue Ribbon.
Other notable agreements include
The partnership pact it signed with Heliopolis For Housing & Development back in July for the construction of a residential project spanning 491 feddans in New Heliopolis in eastern Cairo. The project is expected to add EGP 194.67 billion in revenues over 12 years, with Madinet Masr holding a 63.5% stake in it.
Going forward
Madinet Masr plans to grow its land portfolio as part of a bold expansion plan covering 12.7 million square meters, focusing on launching innovative residential and commercial projects that deliver top-tier efficiency and quality, it said in a previous statement.
Based on 2024’s performance, the board of directors has proposed distributing dividends of EGP 0.25 per share. |
MOPCO more than doubles its profits in 2024
Misr Fertilizers Company “MOPCO” (MFPC) has reported a significant 153% increase in net profit after tax for 2024, reaching EGP 15.119 billion, its latest earnings release showed.
The company attributed this growth to foreign currency gains of EGP 7.1 billion and a rise in revenues by EGP 1.4 billion compared to last year. |
More details
MOPCO also more than tripled its sales last year, reporting a 230%surge to EGP 19.65 billion.
Earnings per share stood at EGP 7.27, a notable increase from EGP 2.87 in 2023.
Comes despite a rough patch over the summer
Back in June, reports circulated that gas supply shortages drove several fertilizer producers to halt production at hefty daily losses. Mopco reportedly shouldered EGP 58.8 million daily on the back of the production cuts.
In response to this challenge, MOPCO is now taking proactive steps to secure its long-term viability and reduce dependency on natural gas.
Late last month, the company entered into a USD 220 million carbon capture project in collaboration with Germany’s ThyssenKrupp Uhde, marking the first project of its kind in Africa and the Middle East.
The project will be implemented within MOPCO’s facilities and will slash natural gas consumption by 10% in ammonia production and increase urea output by 10%.
This comes as MOPCO continues to expand its global presence, with the producer exporting over 10.5 million tons of granular urea since 2008. |
Elsewedy Electric is set to invest USD 500 million to establish the Middle East’s first subsea cable manufacturing facility at Damietta Port. The plant, only the sixth of its kind in the world, will span 500,000 square meters and feature a 180-meter cable production tower. |
More details
The subsea cable plant is part of a broader industrial initiative at Damietta Port, where Elsewedy Electric is collaborating with the Holding Company for Maritime and Land Transport to create a 6 million-square-meter industrial and logistics zone.
Elsewedy Industrial Development, a subsidiary of Elsewedy Electric, will lead the zone’s construction and development.
Geared for export
The new factory will be entirely focused on serving international markets, aligning with Elsewedy Cables’ strategy of heavy export reliance.
Currently, Elsewedy Cables ships 70-80% of its production abroad, generating over USD 1 billion in annual export revenues, Enterprise quotes the company’s General Manager as having said.
The company’s cables are distributed to over 100 countries, with European markets being the largest consumers.
Remember, the company is making another splash overseas
Last week, we reported that the company is set to play a pivotal role in the development of Hungary’s largest combined-cycle power plan, marking its first major investment in Europe and positioning it for strategic growth in the region.
It is worth noting that Elsewedy’s net profits jumped over 64% YoY during the first nine months of the previous year to over EGP 13 billion. Additionally, its revenues grew by 51.5% to reach nearly EGP 165 billion. |
What else is clapping?
- Kafr El Zayat Pesticides hiked its net profits 38.2% YoY in 2024 to EGP 265.69 million, and saw its revenues also rise 55.2% YoY to EGP 3.57 billion.
- EGX-listed investment bank Prime Holding saw its net income rise 63% YoY to EGP 41.65 million during 2024 as a result of a cost rationalization strategy, as well as gains from currency revaluations totaling around EGP 17.1 million. Its revenues grew 4.17% YoY during the year to reach EGP 210 million.
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