Talaat Moustafa Holding Company (TMG) has announced a staggering surge in sales, reaching 390 billion Egyptian pounds since the beginning of the year up until July 29th. This figure represents a more than seven-fold increase compared to the approximately 60 billion pounds achieved during the corresponding period last year.
TMG highlighted that its global project, SouthMED on the North Coast, alone has recorded record-breaking sales of 251 billion pounds (approximately 5.2 billion US dollars) within just a month of its launch.
Concurrently, the recently launched Banan project in Saudi Arabia has achieved unprecedented sales of around 42 billion pounds since its inception in May, surpassing its first-year sales target.
Talaat Moustafa Holding explained that these exceptional sales will propel the group’s profitability and return on equity to unprecedented levels in the coming years.
The group emphasized that the strong momentum witnessed in sales during 2024 serves as a powerful testament to the strength and distinction of its brand, as well as its solid track record among its customer base, which exceeds 140,000 high-spending clients.
The record-breaking sales of both SouthMED and Banan have significantly diversified the group’s regional reach, boosted its real estate exports, and driven its foreign exchange earnings. This adds to other substantial foreign exchange sources such as the group’s extensive hotel sector, which is projected to generate over 300 million US dollars in combined revenue. The group currently operates 3,500 rooms in Egypt and is set to expand this to approximately 5,000 rooms.
Talaat Moustafa anticipates a surge in profits before taxes by approximately 45 billion pounds over the next four to five years, in addition to 30 billion pounds from the sales that reached 145 billion pounds by the end of 2023.
