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Talaat Moustafa Group Holding (TMG Holding), a Cairo-based real estate holding founded by Egyptian multimillionaire businessman Hisham Talaat Moustafa, saw its net sales reach EGP33.20 billion ($1.34 billion) during the 2022 fiscal year, according to a statement on Monday.
This marks a 28-percent increase on the upper limit of its annual sales guidance of EGP26 billion ($1.05 billion) and surpasses TMG Holding’s own market sales record from the previous year.
The devaluation of the Egyptian pound throughout 2022 is believed to have boosted the appeal of the country’s real estate market and contributed to the strong sales figures.
In addition to its success in the real estate sector, TMG Holding’s hotel operation is expected to have generated revenues of EGP2.40 billion ($97 million) in the 2022 fiscal year, a 90-percent increase on the EGP1.27 billion ($51.35 million) recorded in the previous year.
TMG Holding was founded in 1974 by the late Egyptian multimillionaire businessman Hisham Talaat Moustafa and has since become one of Egypt’s largest real estate holdings.
Hisham Talaat Moustafa, who directs the company and holds a 43.16-percent stake in the group, played a key role in its transformation.
Since the start of the second half of 2022, TMG Holding’s shares have increased by more than 50 percent, pushing the market value of the Talaat Moustafa family’s stake to EGP9.02 billion ($364.4 million).
This can be attributed to investor reactions to the company’s financial performance in the first nine months of its 2022 fiscal year, during which profit rose 15 percent from EGP1.7 billion ($69.5 million) to EGP1.96 billion ($80.1 million).
The group’s overall revenues also rose by 23 percent from EGP11.31 billion ($462.4 million) to EGP13.91 billion ($568.7 million), due to strong demand for real estate assets in the Middle East and North Africa and solid performance in the hospitality segment and other recurring income lines.
Despite challenges in the operating environment, TMG Holding has continued to achieve growth in both revenue and earnings.
