Madinet Masr (EGX code: MASR.CA), one of Egypt’s leading urban community developers, announced its consolidated financial results for the six-month period ended 30 June 2026, reporting continued growth in sales and revenue, alongside a significant acceleration in construction activity and unit deliveries.
The Madinet Masr H1 2026 results reflect continued operational progress during the first half of the year, with new sales increasing by 18.7% year-on-year to EGP 28.4 billion. The company also recorded a substantial increase in unit sales and more than doubled the number of units delivered compared with the first half of 2025.
The company’s performance during the period was supported by strong demand across its diversified project portfolio, accelerated construction activity, increased cash collections and a growing unrecognized revenue backlog.
Madinet Masr H1 2026 Results and New Sales
According to the Madinet Masr H1 2026 results, new sales increased by 18.7% year-on-year to EGP 28.4 billion during the six-month period ended 30 June 2026.
The increase in new sales was supported by strong demand across Madinet Masr’s diversified project portfolio. During the first half of 2026, the company sold 2,971 units, representing a 70.9% increase compared with the 2025 period.
The recently launched co-development projects, Talala in New Heliopolis and The Butterfly in Mostakbal City, collectively contributed approximately 49% of total new sales during the period.
The performance of these projects formed a significant part of the company’s new sales during the first half of 2026, while Madinet Masr continued to operate through a diversified development platform.
Unit Sales Increase 70.9%
Madinet Masr sold 2,971 units during H1 2026, marking a 70.9% increase compared with H1 2025.
The increase in units sold came alongside the growth in new sales, reflecting the continued demand across the company’s project portfolio.
Talala, located in New Heliopolis, and The Butterfly, located in Mostakbal City, were among the recently launched co-development projects contributing to the company’s sales performance. Together, the two projects accounted for approximately 49% of total new sales during the first half of 2026.
The sales performance was accompanied by continued progress in construction and delivery activities across Madinet Masr’s developments.
Unit Deliveries More Than Double
One of the key elements of the Madinet Masr H1 2026 results was the significant acceleration in unit deliveries.
The company delivered 1,200 units during the first half of 2026, more than double the 521 units delivered during H1 2025.
The increase in deliveries reflects the continued acceleration of construction activity across Madinet Masr’s flagship developments.
As a result of the higher number of unit deliveries, revenue from unit deliveries increased by 187.8% year-on-year to EGP 2.5 billion.
The increase in deliveries and delivery-related revenue represented a significant component of the company’s operational performance during the first six months of 2026.
Revenue and Profitability
Total revenue reached EGP 5.1 billion during H1 2026, representing an increase of 7.2% compared with H1 2025.
Madinet Masr reported gross profit of EGP 2.7 billion, representing a gross profit margin of 52.4%.
EBITDA reached EGP 1.3 billion, with an EBITDA margin of 25.5%.
Net profit stood at EGP 1.0 billion, while the net profit margin reached 20.0%.
The financial performance came alongside increased construction and infrastructure expenditure, higher cash collections and continued growth in the company’s unrecognized revenue backlog.
The results therefore reflected growth across sales, deliveries, revenue, cash collections and the company’s overall development activity during the period.
Construction and Infrastructure Spending
Madinet Masr continued to accelerate construction and infrastructure activity during the first half of 2026.
Construction and infrastructure expenditure reached EGP 3.5 billion during the period. The expenditure was primarily directed towards Taj City and Sarai.
The company also awarded construction contracts worth EGP 5.7 billion during H1 2026.
The construction contracts and expenditure supported Madinet Masr’s continued commitment to accelerating project completion and meeting delivery schedules across its developments.
The increase in construction activity was also reflected in the significant rise in the number of units delivered during the period, with 1,200 units delivered compared with 521 units during H1 2025.
Cash Collections and Cash Position
Cash collections continued to strengthen during the first half of 2026.
Net cash collections increased by 38.0% to EGP 9.9 billion, while the uncollected rate improved to 1.0%, compared with 1.8% a year earlier.
Cash and short-term investments reached EGP 7.1 billion at the end of June 2026.
As a result of the company’s cash position, Madinet Masr moved from a net debt position at year-end 2025 to a net cash position of EGP 163.3 million at the end of June 2026.
The improvement in cash collections and the movement into a net cash position accompanied the company’s continued investment in construction and infrastructure during the period.
Unrecognized Revenue Backlog Reaches EGP 104.6 Billion
Madinet Masr’s unrecognized revenue backlog increased by 10.1% from year-end 2025 to EGP 104.6 billion.
The growing backlog provides strong medium-term revenue and cash-flow visibility for the company.
The increase in the backlog came alongside the growth in new sales, accelerated construction activity and increased unit deliveries during the first half of 2026.
The EGP 104.6 billion backlog represents the company’s unrecognized revenue and provides visibility into future revenue and cash flows.
CEO Comments on H1 2026 Performance
Commenting on the results, Eng. Abdallah Sallam, President & CEO of Madinet Masr, said:
“Madinet Masr delivered broad-based operational progress during the first half of 2026. We sustained growth in sales and revenue, more than doubled unit deliveries and strengthened our cash position, while continuing to diversify our development platform. Our growing backlog and disciplined investment in construction provide a solid foundation for sustainable growth and long-term value creation.”
The statement highlighted the company’s performance across sales, revenue, deliveries and cash position during the first half of the year, while also pointing to the continued diversification of its development platform.
Expansion of the Non-Residential Portfolio
During the period, Madinet Masr continued to expand its non-residential portfolio through the launch of D2N, an integrated commercial district within Sarai, and KLOK, a mixed-use commercial and administrative development.
The launches support the company’s strategy to monetize its 12.8 million square meter land bank across a broader range of asset classes.
The company also aims to develop recurring income streams alongside its residential business through the expansion of its non-residential portfolio.
D2N and KLOK form part of Madinet Masr’s continued development activity as the company expands the range of assets within its development platform.
Shareholder Returns and Share Purchase Program
During the first half of 2026, Madinet Masr shareholders saw significant returns, reflected in a historic rise in the company’s share price on the Egyptian Exchange.
The performance was further supported by a bonus share distribution and cash dividends.
According to the company, this equates to an 84% return for shareholders compared with the end of 2025.
The Board also approved a treasury share purchase program of up to 2% of the company’s total shares.
The program reflects the company’s confidence in its outlook and its ability to further generate higher returns for shareholders.
Madinet Masr Development Portfolio
Madinet Masr was established in 1959 and is headquartered in Cairo. The company has been listed on the Egyptian Exchange since 1996 under the EGX code MASR.CA.
The company operates under a corporate governance structure and is committed to delivering value to its stakeholders.
Madinet Masr was rebranded from Madinet Nasr to Madinet Masr in 2023. The company has become one of the innovative real estate companies in Egypt, building on its track record of delivering distinguished and multi-functional developments and developing sustainable communities.
Madinet Masr has also developed Nasr City, described by the company as the largest neighborhood in Greater Cairo, with a population of more than three million people.
Since then, the company has undertaken large-scale projects aimed at transforming sizeable land areas into contemporary, integrated communities.
Taj City, Sarai and Zahw
Madinet Masr currently owns a land portfolio of 12.6 million square meters, including its two renowned mega-developments, Taj City and Sarai, in East Cairo.
Taj City is a 3.6 million square meter mixed-use development positioned as a premier destination.
Sarai is a 5.5 million square meter mixed-use development strategically located in front of Egypt’s New Administrative Capital.
In 2023, Madinet Masr launched Zahw, its first expansion project outside Cairo Governorate.
Zahw is a 104-acre mixed-use development strategically positioned west of Assiut Governorate beside Assiut’s airport and 15 minutes from its center. The development complements contemporary real estate products in Upper Egypt.
Strategic Partnerships and Development Projects
Madinet Masr has also entered into strategic partnerships supporting the expansion of its development platform.
Among the key partnerships is the development of a project in New Heliopolis City covering an area of 491 feddans.
The company also signed an agreement for the development of an integrated residential urban project in the fourth phase of Mostakbal City, covering 238 feddans, equivalent to approximately 1 million square meters.
In addition, Madinet Masr signed a contract to develop 42 acres in New Heliopolis City through a partnership with Zahraa Maadi Investment and Development (ZMID).
These partnerships form part of the company’s development activities and its efforts to expand its project portfolio.
Conclusion
The Madinet Masr H1 2026 results show continued growth in new sales, unit deliveries, revenue and cash collections during the first six months of 2026.
New sales reached EGP 28.4 billion, while 2,971 units were sold and 1,200 units were delivered, more than double the number delivered during H1 2025.
Total revenue reached EGP 5.1 billion, while gross profit stood at EGP 2.7 billion and net profit reached EGP 1.0 billion.
At the same time, net cash collections increased to EGP 9.9 billion, cash and short-term investments reached EGP 7.1 billion, and the company moved to a net cash position of EGP 163.3 million.
The unrecognized revenue backlog increased to EGP 104.6 billion, while construction and infrastructure expenditure reached EGP 3.5 billion and construction contracts awarded during the period amounted to EGP 5.7 billion.
Madinet Masr also continued to expand its non-residential portfolio through D2N and KLOK, while its Board approved a treasury share purchase program of up to 2% of the company’s total shares.
