Cairo-based real estate holding company TMG Holding, under the leadership of Egyptian tycoon Hisham Talaat Moustafa, has reported stellar financial results for the first quarter of 2023, continuing its remarkable growth momentum from the previous year.
With the sustained surge in demand for real estate assets, TMG Holding’s profit soared above the $20-million mark, reaching an outstanding EGP700.13 million ($22.67 million).
According to the group’s recently published financial results, this extraordinary achievement represents a substantial increase from the EGP553.98 million ($17.93 million) profit it posted during the same period in 2022.
The double-digit percentage surge in profit surpassing the $20-million mark is directly attributed to the sustained rise in demand for real estate assets, consequently boosting the company’s revenue.
TMG Holding’s revenue for Q1 2023 witnessed a substantial 37.5-percent increase, climbing from EGP2.08 billion ($67.3 million) in the corresponding period of 2022 to EGP2.86 billion ($92.5 million).
This remarkable financial performance follows the company’s record profit in 2022, where it reported a profit of EGP2.23 billion ($72.9 million), a significant rise from the EGP1.78 billion ($58.2 million) recorded in 2021.
Established in 1974, TMG Holding has become one of Egypt’s most prominent real estate holdings, with Hisham Talaat Moustafa’s visionary leadership playing a vital role in its transformation.
TMG Holding’s exceptional financial performance in Q1 2023 reflects its ability to capitalize on the surging demand for real estate assets, further strengthening its position as a dominant player in Egypt’s real estate market.
Moustafa, who owns a 43.16 percent stake in TMG Holding, is recognized as one of the wealthiest investors on the Egyptian Exchange and a key figure in the North African real estate market.
As of the report’s drafting, Moustafa’s stake in TMG Holding is valued at approximately EGP7.73 billion ($250 million), solidifying his status as one of the wealthiest business people in Egypt.
