Sunday 22 Dec
Talaat Moustafa Holding Group (TMG) has achieved unprecedented success in the first nine months of 2024. The group has maintained its upward growth trajectory and reached new performance levels.
The group has strongly pursued regional expansion to capture increased foreign currency revenues and leverage growth in neighbouring markets. The executive team's efforts have successfully executed the 2017 strategy.
TMG has achieved unprecedented
and record sales of 470 billion Egyptian pounds (US$9.4 billion) from the
beginning of the year until November 6, 2024.
These record sales figures were boosted by the group's entry into Saudi Arabia, one of the fastest-growing regions in the Middle East and North Africa, with the Banan project in Riyadh, and the successful launch of the SouthMED project on the North Coast, south of the Mediterranean Sea.
The group's strategic acquisition
of seven prominent historical assets in Egypt has significantly expanded its
hospitality business. With the addition of over 2,500 hotel rooms, revenues
from the hospitality sector and other recurring income activities have grown by
2.4 times to 11.9 billion Egyptian pounds in the first nine months of 2024, compared
to 4.9 billion Egyptian pounds in the same period last year. It is worth noting
that recurring revenue and hospitality activities account for 43% of total
consolidated revenue during this period compared to 27% for the same period in
2023.
TMG pointed out that the asset
monetization strategy has led to improved liquidity and financial stability, allowing
the group to reinvest in high-growth opportunities. The Group's cash balance has
increased to 44.8 billion Egyptian pounds as of September 30, 2024.
Furthermore, the group has
expanded its land and project inventory, including the entry into the Saudi
Arabian market with the Banan project on an area of 10 million square meters, and
the development of the SouthMED project on the North Coast on an area of 23
million square meters, which will enhance profitability and cash flow.
The development of unique real
estate assets, particularly hotels and the Banan project, generates significant
foreign currency income. This positions the group as a key beneficiary of any
foreign exchange-related risks in Egypt. The successful execution of these
strategies has solidified the company's position as one of the leading
exporters of real estate and tourism services in Egypt."
The Group's strategic transformation has generated significant foreign currency income, mitigating foreign exchange risks. These assets not only maintain but also increase their value, further strengthening the company's financial position. This strong performance underscores the Group's resilience and positions it for robust growth in Egypt and global markets, driving enhanced shareholder returns.
By 2024, TMG Holding has successfully executed its strategy, exceeding expectations and securing exceptional growth opportunities. The company's risk-mitigating business model is well-positioned to deliver strong returns for investors in the years to come.
