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TMG Holding, the Cairo-based real estate holding company led by Egyptian tycoon Hisham Talaat Moustafa, has once again demonstrated its dominance in the real estate industry with an impressive financial performance.
Despite operating in a challenging environment, the group has returned remarkable value to its investors. According to the recently published financial statements, the real estate group posted a profit of EGP2.23 billion ($72.9 million) at the end of its 2022 fiscal year, compared to the EGP1.78 billion ($58.2 million) reported in the same period in 2021.
This strong financial performance is attributed to the group exceeding its upper-limit sales target in 2022, which can be linked to the devaluation of the Egyptian pound throughout the year, boosting the country’s real estate market’s appeal and contributing to strong sales figures.
During the 12-month period, the group’s revenues reached EGP19.87 billion ($649.7 million), a 29-percent year-on-year increase from the EGP15.34 billion ($501.7 million) reported in the previous year, when profits exceeded the EGP 1.7 billion mark ($50 million).
TMG stake propels Hisham Talaat Moustafa to the ranks of Egypt’s wealthiest men
TMG Holding is a dominant force in Egypt’s real estate industry, with a rich history dating back to its inception in 1974. Over the years, the company has grown in leaps and bounds to emerge as one of the largest real estate holdings in Egypt.
The transformation of the business owes much to the visionary leadership of Egyptian multimillionaire businessman Hisham Talaat Moustafa. With a 43.16-percent stake in the conglomerate, Talaat Moustafa is an integral figure in the Talaat Moustafa family.
His stake in the Egyptian real estate company is estimated at EGP8.75 billion ($286.2 million), placing him among the wealthiest investors on the Egyptian Exchange and one of the most affluent businessmen in the country.
Hisham Talaat Moustafa to receive $5.5 million in dividend payouts from TMG
TMG Holding’s robust financial performance in the 2022 fiscal year has resulted in a significant payout to its investors. During a recent board meeting on Feb. 15, the company’s board agreed to award its shareholders with an impressive dividend payout of EGP392.1 million ($12.8 million).
The board has recommended a cash dividend of EGP0.19 ($0.0062) for the year 2022, with the first installment of EGP0.09 ($0.0029) to be paid out on May 31, and the second installment on July 31.
Moustafa, who holds a 43.16-percent stake in the company, stands to gain the most from the dividend payout. He is expected to receive a total of EGP169.2 million ($5.53 million), making him the leading earner of dividends from the prominent real estate group.
