TMG reports 8% profit growth to EGP 1.78bn in 2021

Fatma Salah
2 Min Read

Talaat Moustafa Group (TMG) achieved a growth in consolidated net profits by 8% to EGP 1.78bn in 2021, up from 2020’s EGP 1.65bn.

The group’s real estate sales jumped during 2021 to about EGP 32.36bn from EGP 16.61bn in 2020 — a growth of 95%.

The total revenues achieved by the group last year amounted to about EGP 15.35bn, compared to EGP 14.1bn in 2020, recording a 9% growth rate.

The group attributed this to the continued outstanding performance of the company’s executive management in completing unconventional solutions and procedures that led to these outstanding results for the company.

TMG indicated that the balance of unproven sales at the end of 2021 amounted to EGP 63bn, representing about 14,500 units that will be delivered within the next five years.

Noor’s sales reached a record EGP 15bn within three weeks, and the project’s sales reached EGP 18.5bn by the end of the year.

The company’s total hotel revenues amounted to about EGP 1.27bn in 2021, compared to 2020’s EGP 622m —a growth rate of 104%.

The public occupancy rate also increased from 26.8% to 53.1%.

Al-Ahly Pharos set the fair value of the TMG stock at EGP 16.66, compared to a market price of EGP 9.16.

The company’s research suggested that the revenue and net profit of TMG will grow by at least 10% during the current year, as the group will continue to raise selling prices on a regular and gradual basis.

Al-Ahly Pharos also said that 2021 was a strong year for TMG as a result of an increase in sales for the first nine months of the year by 127.2%, reaching EGP 27.5bn.

The report indicated that pricing is based on cost, which enables the company to pass cost increases, along with payment plans of more than four years, including the 15-year payment plan presented in the Noor project.

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