2024/07/30

TMG achieves unprecedented EGP 390 billion sales led by SouthMed, Banan

Talaat Moustafa Group Holding (TMG) announced record-breaking sales of EGP 390 billion, equivalent to approximately USD 8.1 billion, until July 29, 2024.

In a filing to the Egyptian Exchange, the Group reported a staggering sevenfold increase in sales compared to the same period last year, when revenue reached EGP 60 billion.

The Group highlighted the exceptional performance of its flagship project, SouthMED on the North Coast, which generated record sales of EGP 251 billion, or roughly USD 5.2 billion, within a month of its launch.

TMG Holding emphasized that these unprecedented sales figures position the Group as the fastest and largest real estate developer to achieve such a milestone from a single project in the Middle East and North Africa region. The company underscored that the sales generated in 2024 alone are unparalleled in Egypt's history and set a new global benchmark for real estate projects. The current year has been an exceptional year for the Group so far.

Meanwhile, the Banan project in Saudi Arabia, launched in May, has already surpassed its first-year sales target, generating approximately EGP 42 billion in revenue. Talaat Moustafa Holding anticipates that these exceptional sales will propel the Group's profitability and return on equity to unprecedented heights in the coming years.

TMG's record-breaking sales in 2024 underscore its strong brand, exceptional reputation, and loyal customer base of over 140,000 high-net-worth individuals. These achievements solidify the Group's position as the leading real estate developer in the Middle East and North Africa.

The Group added that record sales from both SouthMED and Banan have strengthened the Group's regional footprint, boosted real estate exports, and generated significant foreign currency income. This supplements the Group's substantial hotel sector, anticipated to contribute over USD 300 million in combined revenues. With 3,500 operating rooms currently in Egypt, the hotel portfolio is set to expand to approximately 5,000 rooms.

TMG anticipates a significant increase in sales this year and projects an additional pre-tax profit of approximately EGP 45 billion over the next four to five years. Building on the 145 billion Egyptian pounds in sales achieved by the end of 2023, which contributed EGP 30 billion in pre-tax profits, the group is optimistic about its future performance.

Talaat Moustafa Group attributes its sales success to a deep understanding of market demands, a keen ability to identify opportunities, and a commitment to delivering high-quality, distinctively designed real estate products. The Group’s competitive edge is further strengthened by its innovative and customer-centric payment plans, unmatched in the North Coast market.