Announcement • Mar 03
Zahraa El Maadi Investment and Development Company SAE, Annual General Meeting, Mar 25, 2026 Zahraa El Maadi Investment and Development Company SAE, Annual General Meeting, Mar 25, 2026, at 15:00 Egypt Standard Time. Location: cairo Egypt Reported Earnings • May 24
First quarter 2025 earnings released: EPS: ج.م0.13 (vs ج.م0.042 in 1Q 2024) First quarter 2025 results: EPS: ج.م0.13 (up from ج.م0.042 in 1Q 2024). Revenue: ج.م218.6m (up 57% from 1Q 2024). Net income: ج.م152.5m (up 282% from 1Q 2024). Profit margin: 70% (up from 29% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. New Risk • Sep 19
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 2.2% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (ج.م3.65b market cap, or US$75.3m). Reported Earnings • Aug 21
Second quarter 2024 earnings released: EPS: ج.م0.30 (vs ج.م0.07 in 2Q 2023) Second quarter 2024 results: EPS: ج.م0.30 (up from ج.م0.07 in 2Q 2023). Revenue: ج.م219.4m (up 154% from 2Q 2023). Net income: ج.م167.2m (up 229% from 2Q 2023). Profit margin: 76% (up from 59% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ج.م6.37, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 12x in the Real Estate industry in Egypt. Total loss to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ج.م7.65, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 12x in the Real Estate industry in Egypt. Total loss to shareholders of 33% over the past three years. Buy Or Sell Opportunity • Jul 14
Now 22% overvalued Over the last 90 days, the stock has fallen 4.0% to ج.م7.01. The fair value is estimated to be ج.م5.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.8%. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: ج.م0.13 (vs ج.م0.12 in 1Q 2023) First quarter 2024 results: EPS: ج.م0.13 (up from ج.م0.12 in 1Q 2023). Revenue: ج.م139.5m (down 25% from 1Q 2023). Net income: ج.م83.7m (up 29% from 1Q 2023). Profit margin: 60% (up from 35% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Upcoming Dividend • May 21
Upcoming dividend of ج.م0.15 per share Eligible shareholders must have bought the stock before 28 May 2024. Payment date: 29 August 2024. Trailing yield: 2.4%. Lower than top quartile of Egyptian dividend payers (7.2%). Higher than average of industry peers (0.8%). Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: ج.م0.51 (vs ج.م0.41 in FY 2022) Full year 2023 results: EPS: ج.م0.51 (up from ج.م0.41 in FY 2022). Revenue: ج.م773.6m (up 54% from FY 2022). Net income: ج.م324.2m (up 51% from FY 2022). Profit margin: 42% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ج.م4.31b (US$87.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ج.م0.15 (vs ج.م0.20 in 3Q 2022) Third quarter 2023 results: EPS: ج.م0.15 (down from ج.م0.20 in 3Q 2022). Revenue: ج.م205.5m (down 1.2% from 3Q 2022). Net income: ج.م102.0m (down 4.3% from 3Q 2022). Profit margin: 50% (down from 51% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ج.م6.85, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 16x in the Real Estate industry in Egypt. Total returns to shareholders of 126% over the past three years. New Risk • Sep 30
New major risk - Revenue and earnings growth Revenue has declined by 29% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 29% over the past year. Minor Risk Market cap is less than US$100m (ج.م2.95b market cap, or US$95.5m). Upcoming Dividend • Aug 22
Inaugural dividend of ج.م0.15 per share Eligible shareholders must have bought the stock before 29 August 2023. Payment date: 30 November 2023. This is the first dividend for Zahraa El Maadi Investment and Development Company SAE since going public. The average dividend yield among industry peers is 2.7%. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ج.م5.80, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 12x in the Real Estate industry in Egypt. Total returns to shareholders of 349% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ج.م5.52, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 15x in the Real Estate industry in Egypt. Total returns to shareholders of 250% over the past three years. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improved over the past week After last week's 16% share price gain to ج.م5.67, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 15x in the Real Estate industry in Egypt. Total returns to shareholders of 298% over the past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ج.م5.60, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 14x in the Real Estate industry in Egypt. Total returns to shareholders of 302% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ج.م14.15, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 18x in the Real Estate industry in Egypt. Total returns to shareholders of 422% over the past three years. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 17% share price gain to ج.م17.70, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 17x in the Real Estate industry in Egypt. Total returns to shareholders of 576% over the past three years. Announcement • Aug 20
The Holding Company for Construction & Development - HCCD acquired 8.33% stake in Zahraa El Maadi Investment and Development Company SAE (CASE:ZMID) for approximately EGP 200 million. The Holding Company for Construction & Development - HCCD acquired 8.33% stake in Zahraa El Maadi Investment and Development Company SAE (CASE:ZMID) for approximately EGP 200 million on August 18, 2022.
The Holding Company for Construction & Development - HCCD completed the acquisition of 8.33% stake in Zahraa El Maadi Investment and Development Company SAE (CASE:ZMID) for approximately EGP 200 million on August 18, 2022. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 21% share price gain to ج.م12.74, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 17x in the Real Estate industry in Egypt. Total returns to shareholders of 385% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improved over the past week After last week's 15% share price gain to ج.م9.18, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 13x in the Real Estate industry in Egypt. Total returns to shareholders of 228% over the past three years. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ج.م8.05, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 10x in the Real Estate industry in Egypt. Total returns to shareholders of 220% over the past three years. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ج.م11.56, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 13x in the Real Estate industry in Egypt. Total returns to shareholders of 336% over the past three years. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ج.م14.01, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 16x in the Real Estate industry in Egypt. Total returns to shareholders of 434% over the past three years. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ج.م15.47, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 18x in the Real Estate industry in Egypt. Total returns to shareholders of 519% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 16% share price gain to ج.م15.48, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 16x in the Real Estate industry in Egypt. Total returns to shareholders of 585% over the past three years. Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS ج.م0.38 (vs ج.م0.19 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ج.م161.7m (up 18% from 3Q 2020). Net income: ج.م120.9m (up 105% from 3Q 2020). Profit margin: 75% (up from 43% in 3Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 16% share price gain to ج.م50.42, the stock trades at a trailing P/E ratio of 68.2x. Average trailing P/E is 23x in the Real Estate industry in Egypt. Total returns to shareholders of 1,984% over the past three years. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ج.م46.40, the stock trades at a trailing P/E ratio of 62.8x. Average trailing P/E is 25x in the Real Estate industry in Egypt. Total returns to shareholders of 1,555% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ج.م0.16 (vs ج.م0.094 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ج.م84.5m (up 72% from 2Q 2020). Net income: ج.م47.8m (up 90% from 2Q 2020). Profit margin: 56% (up from 51% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 122% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 17% share price gain to ج.م37.53, the stock trades at a trailing P/E ratio of 53.9x. Average trailing P/E is 20x in the Real Estate industry in Egypt. Total returns to shareholders of 1,249% over the past three years. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improved over the past week After last week's 17% share price gain to ج.م29.27, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 24x in the Real Estate industry in Egypt. Total returns to shareholders of 883% over the past three years. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 27% share price gain to ج.م17.99, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 19x in the Real Estate industry in Egypt. Total returns to shareholders of 409% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 15% share price gain to ج.م10.26, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 15x in the Real Estate industry in Egypt. Total returns to shareholders of 175% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 24% share price gain to ج.م8.82, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 19x in the Real Estate industry in Egypt. Total returns to shareholders of 138% over the past three years. Upcoming Dividend • May 19
Inaugural dividend of ج.م0.45 per share Eligible shareholders must have bought the stock before 26 May 2021. Payment date: 30 September 2021. This is the first dividend for Zahraa El Maadi Investment and Development Company SAE since going public. The average dividend yield among industry peers is 6.0%. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 15% share price gain to ج.م7.31, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 18x in the Real Estate industry in Egypt. Total returns to shareholders of 85% over the past three years. Reported Earnings • Mar 08
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ج.م689.0m (up 121% from FY 2019). Net income: ج.م213.1m (up 45% from FY 2019). Profit margin: 31% (down from 47% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Is New 90 Day High Low • Jan 14
New 90-day high: ج.م7.21 The company is up 1.0% from its price of ج.م7.11 on 15 October 2020. The Egyptian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 28
New 90-day high: ج.م6.15 The company is up 9.0% from its price of ج.م5.66 on 30 June 2020. The Egyptian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Real Estate industry, which is up 12% over the same period.