Talaat Moustafa Group (TMG) announced that it achieved huge and unprecedented net sales amounting to EGP 33.2bn in fiscal year (FY) 2022, breaking its own sales record of the previous year.
The company’s sales exceeded its expected limit of EGP 26.24bn by 28%.
TMG expected that hospitality projects would achieve the best financial and operational performance ever since 2018 during the year 2022, so that revenues generated from hotels during FY 2022 reached approximately EGP 2.4bn, compared to EGP 1.27bn in FY 2021 an increase of approximately 90% y-o-y.
Additionally, the company expected that the EBITDA would exceed EGP 1bn, compared to EGP 372m in FY 2021, with an increase of about three times y-o-y.
In a statement to EGX on Monday, TMG attributed the strong increase in sales this year as a result of benefiting from the depreciation of Egyptian pound throughout 2022, which increased the attractiveness of investment in Egypt’s real estate market, especially in well-established projects such as Madinaty, which was developed by large real estate brand and trusted ones like TMG.
The group added that the strong operational performance of the TMG confirms the ability of executive management to seize unique opportunities in the market and benefit from them. In addition, mitigate the effects of any general challenges through the management’s pursuit of a carefully designed strategy and its adoption of a long-term vision that is implemented.
The group expressed its optimism about the potential and expected opportunities for the real estate market in Egypt in the short-term, specifically in the East Cairo region, which is witnessing an undisputed presence of the group in terms of the supply of residential and non-residential units that are characterized by a high level of quality.
The TMG expected to witness great additional, sustainable and stable demand on its products, accordingly, the ambitious programme pursued by the TMG Holding to continue obtaining value from its huge stock of land for non-residential activities, which always see growing demand.
TMG revealed that the group has operated 93,00p sqm of non-residential spaces for shops and clinics in the group’s cities in 2022, which represents the delivery of luxury and upscale units such as the Gateway Mall in Al Rehab City, and All Season Park and East Hub in the southeast of Madinaty, besides, operating these units, the total non-residential areas in the group’s cities reach 397,000 sqm.