TMG Holding, a real estate holding company led by Egyptian tycoon Hisham Talaat Moustafa, has announced a robust financial performance for the first half of its 2023 fiscal year, with a remarkable increase in profits despite ongoing macroeconomic challenges.
According to the group’s recently released financial results, TMG Holding delivered a profit of EGP1.55 billion ($50.3 million) at the end of the first six months of 2023, marking an impressive surge of 43.5 percent from EGP1.08 billion ($35.05 million) during the same period in 2022.
The surge in the group’s profit can be attributed to the consistent demand for real estate assets throughout the first half of the year, even in the face of prevailing macroeconomic difficulties that have strained household disposable incomes.
TMG Holding’s visionary leadership, led by Moustafa, played a pivotal role in navigating these challenges and achieving a remarkable financial position.
During the first six months of its 2023 fiscal year, TMG Holding’s revenue increased by 46.5 percent from EGP5.05 billion in the first half of 2022 to EGP7.4 billion. This surge in revenue was largely driven by sustained demand for real estate assets in the market.
The company’s overall assets experienced a significant uptick, rising from EGP163.37 billion ($5.28 billion) as of Dec. 31, 2022, to EGP187.37 billion ($6.06 billion) as of June 30, 2023, further solidifying TMG Holding’s position as a leading player in Egypt’s real estate sector.
Moustafa, renowned for his 43.16-percent ownership stake in TMG Holding, is widely acknowledged as one of the most affluent investors on the Egyptian Exchange and a key influencer in the North African real estate landscape.
Earlier this year, Moustafa’s strategic leadership led TMG Holding to ink a significant partnership with British real estate services provider Savills.
This collaboration aims to facilitate the ambitious “The Strip” project in Madinaty – a sprawling commercial development boasting 125 expansive units covering an impressive 28,000 square meters.
“The Strip” project, guided by Moustafa’s visionary approach, seeks to cater to the needs of both Madinaty residents and the larger eastern regions of Cairo. With a diverse range of essential services and amenities, the project embodies the essence of modern urban living.
