Talaat Mostafa Holding (TMG) achieves a 28% YoY surge in net sales during the 2022, recording EGP 33.2 bn, Invest-Gate reports.

Revenues generated by the company’s hotel segment soared 90% to around $2.4 bn in 2022 from $1.27 bn in 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped threefold to more than EGP 1 bn in 2022 from EGP 372 mn in 2021.

TMG ascribes the big increase in sales in 2022 to the devaluation of the EGP, which makes investments in Egypt attractive.

In 2022, TMG started operating 93,000 sqm of non-residential areas including shops and clinics in the group’s cities.