El Tameer Developments (TOREC Developments), a subsidiary of the New Urban Communities Authority (NUCA), has announced its financial results for 2024, achieving contracted sales of EGP 3.18 bn, Invest-Gate reports.
During the company’s Annual General Meeting (AGM) held in February 2025 at the Smart Village headquarters, Chairman Rady Mostafa Rady, along with Executive Director Mohamed Anwar, board members, and shareholders, reviewed the company’s strong performance in the real estate sector.
TOREC recorded revenues of EGP 186 mn, equity of EGP 601 mn, and a net profit of EGP 87 mn, marking its highest earnings since inception.
“Our strategic vision is to position TOREC as one of Egypt’s leading real estate developers in record time,” said Rady Mostafa Rady, emphasizing the company’s rapid growth and diversified project portfolio.
Anwar highlighted TOREC’s accelerated construction efforts across developments under its own portfolio and those executed for NUCA. The company is currently developing three major projects:
- T-Square: A commercial mall in Sheikh Zayed.
- Steps: An administrative mall in Sheikh Zayed.
- T-Pearle: A fully integrated compound in the Green Belt area of 6th of October City.
Additionally, TOREC is marketing and developing residential units for NUCA, including:
- Saba in 6th of October
- Bliss Gate in Sheikh Zayed
- The Address in New Cairo
Shareholders expressed appreciation for the company’s management and staff, commending the record-breaking financial performance and continued expansion efforts in Egypt’s competitive real estate sector.