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TMG Holding, a real estate company in Egypt led by Hisham Talaat Moustafa, has reported a contraction in sales during the first quarter of its fiscal year 2023.
The Cairo-based real estate holding company owned by Moustafa experienced a decrease of EGP65.2 million ($2.11 million) in sales due to the devaluation of the Egyptian pound and economic difficulties that have impacted the demand for real estate in the country.
The decline in sales is a notable reversal of fortunes for TMG Holding, which had seen an impressive surge in sales throughout 2022.
Last year, the company’s revenues reached EGP19.87 billion ($1.3 billion), representing a 29-percent year-on-year increase from 2021’s EGP15.34 billion ($1 billion).
The successful performance throughout the year saw the group post a profit of EGP2.23 billion ($146 million) at the close of the fiscal year, compared to the EGP1.78 billion ($116 million) reported for the same period in 2021.
TMG Holding is a top player in Egypt’s real estate sector and has a history dating back to its establishment in 1974.
The company has since become one of the country’s most extensive real estate holdings, with Moustafa’s visionary leadership playing a crucial role in its transformation.
With a 43.16 percent stake in TMG Holding, Moustafa is one of the wealthiest investors on the Egyptian Exchange and a leading figure in the Moustafa family, which has played an instrumental role in the company’s growth.
The significant contraction in the group’s sales comes at a challenging time for the Egyptian economy, with recent devaluations of the country’s currency and broader economic difficulties affecting several industries.
Despite these challenges, TMG Holding remains dominant in Egypt’s real estate industry. Its long-standing history and visionary leadership suggest the company is well-positioned to weather the challenges it faced in the first three months of the year.
