Talaat Moustafa Group on Forbes’ Egypt’s Top 50 Listed Companies 2023

Daily News Egypt
2 Min Read

Forbes magazine has included Talaat Moustafa Group (TMG) in its list of Egypt’s Top 50 Listed Companies for 2023. TMG ranked eighth, with a market value of around $648m and assets worth approximately $5.3bn by the end of 2022, according to Forbes.

As the largest listed real estate company in Egypt, Talaat Moustafa Group currently has a land bank of 74 million square meters, of which 30 million is yet to be developed.

Its flagship projects include Al Rehab City, which covers over 9.9 million square meters and hosts 200,000 residents, Madinaty, which covers over 33.6 million square meters of land with 700,000 target residents, as well as Noor City and Celia.

TMG Holding also owns four hotels in Sharm El Sheikh, Alexandria, and Cairo.

In the first quarter of 2023, Talaat Moustafa Group achieved contractual sales of about EGP 12bn, a growth of 127%, leading the real estate market in terms of sales volume.

TMG‘s net profit rose to about EGP 747.5m in the first quarter of 2023, compared to about EGP 565.7m in the same quarter of the previous year. In the first quarter, the group’s real estate business revenues reached about EGP 2.86bn, a growth of 38% year on year.

Additionally, Talaat Moustafa Group’s hotel revenues increased to EGP 799m during the quarter, a growth of 106% year on year.

Banking and financial services dominate the list with 16 entries, followed by real estate and construction with eight and industrials with seven.

Egypt’s largest listed bank, CIB, retains the top spot in Forbes’ Egypt’s Top 50 Listed Companies with a market value of $5.2bn and total assets of $20.6bn, followed by QNB ALAHLI and Telecom Egypt. Ranked 10th, Orascom Construction tops in terms of sales after generating $4.2bn, followed by Elsewedy Electric (#4) with $3bn in sales in 2022.

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