Talaat Moustafa Group Holding (TMG) announced Tuesday that its sales have reached $8.1bn since the start of the year through July 29, driven by strong performance in both Egypt and Saudi Arabia.The sales were achieved in the company’s global project SouthMED in Egypt and the Banan project in Saudi Arabia.
The company said the these projects have significantly contributed to boosting real estate export and increasing Egypt’s foreign currency resources, thanks to the record sales achieved in a short time.
The company’s flagship project, SouthMED, located on Egypt’s northwest coast, has generated $5.2bn in sales in less than a month since its launch, TMG said in a financial disclosure to the Egyptian Exchange. This figure positions the project as the fastest and largest real estate sale in the Middle East and North Africa region.
The group’s disclosure also noted that the Banan project, which it is executing in Saudi Arabia, has also achieved unprecedented sales since its launch in May, amounting to EGP 42bn, surpassing the first-year sales target.
In addition to this, the TMG’s hospitality sector has achieved significant success, expected to generate more than $300m in combined revenues. This sector currently includes 3,500 operational rooms in Egypt, a number that will soon increase to approximately 5,000 rooms.
These figures point to an exceptional year for the group, during which it has successfully reestablished itself as a regional player, leveraging fifty years of hard work, customer trust, regional diversity, and continued success in enhancing its real estate exports.
This strong momentum in the group’s 2024 sales is a strong testament to the strength of its brand and its solid track record among its customer base, which exceeds 140,000 high-spending clients. This makes it the leading real estate company across the Middle East and North Africa region and the largest real estate developer in the region.
The Group’s sales for the year are expected to increase its pre-tax profits by approximately EGP 45bb over the next 4-5 years. This is in addition to the EGP 30bn in pre-tax profits from the backlog of EGP 145bn booked at the beginning of the year. Sales in SouthMed, executed in just a single week through a new partnership model with authorities, have further diversified the Group’s income sources, with superior return on equity profile, and will continue further strengthening the income outlook on the back of their ongoing and unprecedented momentum
