Thursday 21 Nov
Talaat Moustafa Holding Group has achieved record-breaking sales of EGP 470 billion (USD 9.4 billion) by November 6th. This significant milestone is driven by the exceptional performance of the SouthMED project on Egypt's North Coast and the Benan project in Saudi Arabia.
In a financial disclosure to the stock exchange today, the group attributed these exceptional sales to its strong track record and reputable brand. SouthMED, a Mediterranean beachfront development, has generated an astonishing EGP 280 billion (USD 5.6 billion) in less than a month since its launch.
Meanwhile, the Benan project in
Saudi Arabia, launched in May, has exceeded expectations with unprecedented
sales of EGP 53 billion, surpassing its first-year targets.
These sales figures represent a
substantial increase of over 400% compared to the EGP 108 billion achieved
during the same period last year.
The group further stated that
these sales will significantly boost the group's profitability and return on
equity in the coming years. 2024 has been an exceptional year for the group,
repositioning it as a regional player and capitalizing on 50 years of hard work
and customer trust.
The group highlighted its commitment to expanding its real estate exports, increasing foreign currency earnings, and leveraging its substantial hotel portfolio. With over 3,500 operational rooms in Egypt and a projected increase to 5,000 rooms, the group's hotel sector is poised to generate over USD 300 million in consolidated revenue.
