TMG Holding records $10B total sales in 2024
Updated 12/23/2024 11:30:00 AM
Arab Finance: Talaat Moustafa Group Holding's (TMG Holding) total sales exceeded EGP 0.5 trillion (nearly $10 billion) as of December 22nd 2024, according to a bourse statement.
TMG Holding is the first Egyptian real estate company to achieve this performance in recent history, establishing the group among the top-tier real estate brands in the region and globally.
A total of 28,000 units were sold this year, marking a leap from the 17,000 units sold in 2023, and a 3.5-fold increase from EGP 143 billion recorded last year.
Furthermore, the EGX-listed group has posted a compound annual growth rate (CAGR) of 70% in sales value booked consistently since 2017, while sales reached EGP 13 billion.
Earlier this year, TMG Holding entered the Saudi Arabian market with the groundbreaking launch of the Banan project, which paves the foundation of the group’s broader GCC expansion.
The development scheme project contributed EGP 64 billion ($1.2 billion) in FX-denominated sales to the total.
The group also developed the SouthMed project on Egypt's North Coast, attracting an EGP 280 billion ($5.6 billion) in sales within just a few months from launch in July. The project's income to the group is estimated to surpass the level of EGP 100 billion over its life span.
Meanwhile, the company is expected to maintain strong sales momentum next year, with the highly anticipated launch of the Spine project in the second half (H2) of 2025.
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