Talaat Mostafa Group’s (TMG) real estate sales jumped by 55% at the end of the first quarter (1Q) of 2022 to EGP 5.37bn, compared to 1Q of 2021’s EGP 3.46bn.
The company’s consolidated net profit also grew to approximately EGP 565bn, up from EGP 447m — a growth rate of 27%.
This growth came despite the ongoing coronavirus pandemic and the economic consequences of the Russian-Ukrainian War on all sectors, especially the tourism and travel sector.
The company added in a statement that the balance of actual and non-delivered sales recorded about EGP 65bn, compared to EGP 51.1bn.
It also noted that the balance has a stable position, provides a clear view of future cash flows and profits, and sales will be delivered over the next five years without any expected delays.
Furthermore, the company’s total revenues recorded about EGP 3bn, up from EGP 2.7bn — a growth rate of 12%.
Meanwhile, proven real estate activity revenues recorded EGP 2.08bn, compared to EGP 2.01bn — a growth rate of 3%.
Additionally, the revenues of the Four Seasons Hotels in the Nile Plaza, Sharm El-Sheikh, San Stefano, and Nile Kempinski recorded about EGP 387m, up from EGP 174m — a growth rate of 122%.
Also, revenues from periodic return and service activities amounted to about EGP 556m, compared to EGP 514m — a growth rate of 8%.