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Zahraa Maadi becomes largest market-cap real estate developer on EGX

Zahraa Maadi becomes largest market-cap real estate developer on EGX
The company's stock rose by 73% to EGP 55.98
Zahraa Maadi
ZMID
-4.99% 15.03 -0.79

By: Heba El-Kordy 

Cairo - MubasherZahraa Maadi Investment and Development's stock rose to a new record level during Wednesday's trading session to be the largest real estate developer on the Egyptian Exchange (EGX) by market cap. 

By 11:50 a.m. Cairo time, the company's stock increased by 7.3% to EGP 55.98 after about 507,650 shares were exchanged at a turnover of EGP 28.42 million.

The property developer's market cap reached EGP 14.77 billion, followed by Talaat Moustafa Group Holding with EGP 14.25 billion. 

Zahraa Maadi's market cap is three times higher than Madinet Nasr Housing and Development's valuation which recorded EGP 4.44 billion and about 2.5 times higher than the valuations of Palm Hills Developments, Sixth of October Development and Investment (SODIC), and Orascom Development Egypt of EGP 5.69 billion, EGP 6.04 billion, and EGP 5.63 billion, respectively. 

During the first half (H1) of 2021, Zahraa Maadi registered net profits of EGP 90.08 million, up from EGP 69.45 million in H1-20. 

The sales increased to EGP 120.68 million in the six-month period ended 30 June from EGP 68.74 million in the year-ago period.