Talaat Moustafa Group (TMG) achieves a 29% YoY growth in revenues, amounting to EGP 20 bn, during 2022, Invest-Gate reports.
The company’s 2022 revenue included EGP 14.7 bn from real estate, and EGP 2.6 bn from hospitality.
TMG’s revenues from activities that generate periodic returns and service activities increased by 34%, recording EGP 2.6 bn.
The largest group in the Egyptian real estate market recorded a 25% YoY increase in net profits last year to EGP 2.23 bn.
During the year 2022, TMG topped the sales of real estate companies in Egypt, according to a report by The Board Consulting. TMG’s property sales last year hit EGP 32.36 bn.
Accumulative sales that have not yet been delivered to customers (under construction), jumped to EGP 77 bn in 2022 from EGP 63 bn a year earlier.
Furthermore, the group’s assets amounted to about EGP 162.7 bn at the end of 2022, compared to EGP 139 bn in 2021, and it has a balance of cash and financial investments estimated at about EGP 12.6 bn.