Saturday 22 Feb
Talaat Moustafa Group Holding (TMG) announced record contractual sales of approximately 504 billion EGP in 2024, a significant increase from 142.8 billion EGP in 2023.
This information was disclosed to the Egyptian Stock Exchange following the release of a report by The Board Consulting for Real Estate Consultancy, which detailed the group's performance and record sales achievement over the past year.
TMG stated that these results demonstrate the effectiveness
of its strategy and the high level of customer trust. The company achieved
these record sales by capturing 43% of the total sales reported, which amounted
to 1.4 trillion EGP.
A 2024 annual report from The Board Consulting revealed that
21 major Egyptian real estate developers achieved a combined 1.4 trillion EGP
in contractual sales. This figure more than doubles the total sales from 2023,
which were below 701 billion EGP.
This 100% increase in sales volume reflects robust and
growing demand for real estate, fueled by several factors. These include
increased foreign investment, the tendency of Egyptians to view real estate as
a hedge against inflation, and the numerous large-scale real estate development
projects announced throughout the year.
TMG Holding reported a significant increase in profits for the first nine months of 2024, reaching 9.06 billion EGP compared to 2.69 billion EGP for the same period in 2023. Total revenues also saw growth, rising to 408 million EGP from 280.5 million EGP in the comparable period of 2023.
