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Talaat Moustafa Group Holding (TMG Holding), a leading real estate holding led by Egyptian multimillionaire businessman Hisham Talaat Moustafa, has disclosed that its real estate sales in 2021 rose by a nearly triple-digit percentage-point increase despite the impact of the COVID-19 pandemic on the real estate industry.
According to the group’s trading update, its revenue increased by more than 95 percent in 2021, from EGP16.6 billion ($1.06 billion) in 2020 to EGP32.4 billion ($2.06 billion), owing to a year-on-year increase in demand for real estate goods as demand returns to pre-pandemic levels.
Unearned sales revenues surpassed EGP63 billion ($4 billion) during the period under review, representing about 14,500 units scheduled to be delivered in the next five years.
TMG’s hotel revenues increased by 104 percent by the end of 2021, from EGP622 million ($40 million) last year to EGP1.27 billion ($80.8 million).
The assets related to the property developer expanded by more than EGP131.4 billion ($8.3 billion) due to the group’s outstanding financial performance, driven by an increase in the firm’s development properties, which are currently valued at over EGP54 billion ($3.4 billion).
TMG is a leading player in Egypt’s real estate sector. Established in 1974 by the late Talaat Moustafa, the business has evolved to become one of Egypt’s largest real estate holdings.
Hisham Talaat Moustafa, who played a key role in the firm’s transformation, controls a 43.16-percent stake in the conglomerate for the Talaat Moustafa family.
As of press time on March 2, shares in the property developer were trading at EGP9.3 ($0.592) a share, 1.59-percent lower than their opening price on the Egyptian Stock Exchange.
TMG’s market capitalization is now around EGP19.2 billion ($1.22 billion), while Moustafa’s shareholding is valued at EGP8.2 billion ($521.8 million).
In order to capitalize on recent revenue growth, the leading property developer announced its intention to extend its operations to Saudi Arabia and Iraq, where demand for housing units is on the rise.
In July, it unveiled an EGP31.82-billion ($2.03 billion) housing project in Capital Gardens City, Egypt, on 5,000 feddan (2,084 hectares). In September, it also announced its collaboration with AZADEA Group to introduce 13 new companies to the Open Air Mall in Madinaty City.
