Table of Contents
Key Points
- TMG Holding’s revenue surged 59% YoY to $347.8 million in H1 2024, driven by the SouthMED mega-development
- Hospitality revenue more than doubled, reaching $105.34 million, reflecting strong performance in both real estate and hospitality sectors.
- Net profit soared 308 percent to $130 million in H1 2024, with EPS increasing from $0.014 to $0.035.
Talaat Moustafa Group (TMG) Holding, led by billionaire Hisham Talaat Moustafa, has reported a remarkable financial performance for the first half of 2024, marked by a substantial increase in revenue and profitability. This comes amid robust demand for luxury real estate and the launch of its ambitious SouthMED development.
According to the company’s financial statement, TMG Holding’s revenue soared by 59 percent year-on-year, rising from EGP10.7 billion ($219 million) in H1 2023 to EGP17.02 billion ($347.8 million) in H1 2024. The company attributes this impressive growth to the early success of its $20.9 billion SouthMED mega-development, located on Egypt’s scenic North Coast.
Hospitality revenue more than doubles
TMG’s real estate development revenue climbed from EGP7.4 billion ($151.2 million) in H1 2023 to EGP9.13 billion ($186.6 million) in H1 2024. The hospitality segment more than doubled its revenue, reaching EGP5.15 billion ($105.34 million) from EGP1.84 billion ($37.6 million). The strong performance across both segments reflects TMG’s successful execution of its growth strategy and its established market presence.
This surge in revenue has translated into a significant increase in profitability, with TMG’s net profit rising by an extraordinary 308 percent to EGP6.36 billion ($130 million) in H1 2024, compared to EGP1.55 billion ($31.7 million) in H1 2023. Consequently, earnings per share (EPS) have also risen sharply, from EGP0.68 ($0.014) to EGP1.7 ($0.035).
SouthMED project boosts TMG’s outlook
Founded in 1974, TMG Holding has cemented its position as a leading player in Egypt’s real estate sector. Under the leadership of Hisham Talaat Moustafa, who holds a 43.16 percent stake in the company, TMG has consistently expanded its portfolio and scaled its operations, achieving a dominant market presence.
Further bolstering its financial strength, TMG’s total assets grew significantly during the first six months of 2024, increasing from EGP202 billion ($4.13 billion) to EGP312 billion ($6.38 billion). Retained earnings also saw a substantial rise, nearly doubling from EGP16.96 billion ($346.6 million) to EGP38.47 billion ($786.2 million).
TMG’s first-half 2024 results highlight its success in Egypt’s booming real estate market, delivering strong returns for shareholders. The group’s outlook for the remainder of the year remains positive, bolstered by ongoing projects like SouthMED.
