Hisham Talaat Moustafa, a wealthy Egyptian businessman, is poised to receive EGP172.6 million ($5.58 million) in dividends from TMG Holding, a diversified real estate holding company headquartered in Cairo and in which he holds a significant stake.
The $5.58-million dividend, which will be paid into the Egyptian businessman’s account in two installments on May 31 and July 31, represents a significant portion of the EGP400 million ($27.81 million) approved by the company’s shareholders.
Despite a significant increase in local currency terms from the EGP151.4 million ($9.65 million) dividends he received last year, Moustafa’s expected dividend for this year reflects a 42.2-percent decrease in dollar terms. The drop is due to the depreciation of the Egyptian pound against the U.S. dollar.
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 Moustafa, a leading Egyptian businessman who ranks as one of the richest businessmen in the country.
With a 43.16-percent stake in the conglomerate, Moustafa is one of the richest investors on the Egyptian Exchange.
Despite operating in a challenging environment, the group has returned remarkable value to its investors.
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.
