Egyptian real estate mogul Hisham Talaat Moustafa’s TMG posts $80 million in profit

Talaat Moustafa Group Holding (TMG Holding), a Cairo-based real estate holding founded by Egyptian multimillionaire businessman Hisham Talaat Moustafa, reported double-digit growth in earnings at the end of the first nine months of its 2022 fiscal year.

Profit for the first nine months of 2022 climbed 15 percent from EGP1.7 billion ($69.5 million) in the equivalent period of 2021 to EGP1.96 billion ($80.1 million), according to figures contained in the group’s recently published financial statement.

TMG Holding’s revenues rose by 23 percent from EGP11.31 billion ($462.4 million) to EGP13.91 billion ($568.7 million) as a result of the persistent rise in demand for real estate assets in the Middle East and North Africa.

Despite the disruption in its operating environment, the group’s revenue and earnings continued to rise due to timely deliveries from its development activities, as well as a solid performance in its hospitality segment and other recurring income lines.

As the COVID-19 pandemic lost its hold on international travel during the period under review, the group’s hotel segment experienced revitalized occupancy, demonstrating the resilience of luxury leisure and business travel through the remarkable top-line performance, which is now stronger than pre-pandemic levels.

TMG is a major player in Egypt’s real estate market. The late Talaat Moustafa established the company in 1974, and since then it has grown into one of Egypt’s largest real estate holdings.

On behalf of the Talaat Moustafa family, Moustafa, a notable businessman who played a vital role in the firm’s restructuring, has a 43.16-percent stake in the company.

At the time of writing, Moustafa’s share in the property developer was worth EGP7.62 billion ($311 million), making him one of the richest investors on the  Egyptian Exchange.