Cairo – Mubasher: Talaat Moustafa Group Holding Company (TMG Holding) reported a 550% year-on-year (YoY) jump in sales to EGP 390 billion ($8.10 billion) during the first seven months (7M) of 2024 from EGP 60 billion.
The significant increase in sales was driven by the yields of TMG’s new project SouthMED on the North Coast, which generated EGP 251 billion (around $5.20 billion) in a month, according to a bourse filing.
The Banan project in Saudi Arabia, launched in May, has also surpassed expectations, generating approximately EGP 42 billion in revenue and exceeding its first-year sales target.
The surge in sales from the company's SouthMED and Banan projects have strengthened TMG's regional presence, increased real estate exports, and generated significant foreign currency income.
Additionally, TMG's hotel sector is projected to contribute over $300 million in combined revenues, with plans to expand its current portfolio of 3,500 rooms in Egypt to approximately 5,000 rooms.
TMG anticipates a further increase in sales this year and projects an additional pre-tax profit of approximately EGP 45 billion over the next four to five years.
This optimistic outlook builds on the EGP 145 billion in sales achieved by the end of 2023, which contributed EGP 30 billion in pre-tax profits.
It is worth noting that TMG Holding posted a consolidated net profit of EGP 4.13 billion in the first quarter (Q1) of 2024, a surge from EGP 700.13 million in the same quarter a year earlier.
