TMG Holding, the Cairo-based real estate giant led by Egyptian billionaire Hisham Talaat Moustafa, has once again asserted its dominance in the real estate sector with profits exceeding $100 million at the close of its 2023 fiscal year.
In recently unveiled unaudited financial statements, TMG Holding posted a robust profit of EGP3.31 billion ($107.28 million) for the 2023 fiscal year, a significant increase from the EGP2.3 billion ($74.61 million) reported the previous year.
This remarkable profit surge is attributed to a noteworthy 43-percent increase in revenues, climbing from EGP19.87 billion ($643.42 million) in 2022 to EGP28.43 billion ($920.6 million) in 2023.
Established in 1974, TMG Holding has solidified its standing as a dominant force in Egypt’s real estate industry. Under Hisham Talaat Moustafa, the conglomerate has experienced exponential growth, emerging as one of Egypt’s largest real estate holdings. Moustafa holds a 43.16-percent stake in TMG Holding, equivalent to 890,633,483 ordinary shares.
Substantial dividends await TMG Holding shareholders after strong 2023 fiscal year
TMG Holding’s financial performance in 2023 underscores its continued dominance in Egypt’s real estate sector. With robust revenues and a substantial increase in profit, the company remains well-positioned for future growth under the guidance of Moustafa.
The company’s robust financial performance is set to result in substantial dividends for its shareholders. In a recent board meeting, the directors recommended a cash dividend of EGP0.218 ($0.0071) per share, amounting to EGP450 million ($14.56 million) for the fiscal year 2023.
Shareholders can anticipate dividends distributed in two installments of EGP0.109 ($0.00356) each, with pay-out dates scheduled for May 31 and July 31.
Among TMG Holding’s shareholders, Moustafa, with his substantial stake in the company, stands to benefit the most from the dividend payout. He is projected to receive a total of EGP194.16 million ($6.28 million), solidifying his position as the top earner of dividends from the prominent real estate group.
