Talaat Moustafa Group (TMG) Holding, led by billionaire Hisham Talaat Moustafa, has reported a remarkable financial performance for the first half of 2024, marked by a substantial increase in revenue and profitability. This comes amid robust demand for luxury real estate and the launch of its ambitious SouthMED development.
According to the company's financial statement , TMG Holding's revenue soared by 59 percent year-on-year, rising from EGP10.7 billion ($219 million) in H1 2023 to EGP17.02 billion ($347.8 million) in H1 2024. The company attributes this impressive growth to the early success of its $20.9 billion SouthMED mega-development , located on Egypt's scenic North Coast.
Hospitality revenue more than doublesTMG's real estate development revenue climbed from EGP7.4 billion ($151.2 million) in H1 2023 to EGP9.13 billion ($186.6 million) in H1 2024. The hospitality segment more than doubled its revenue, reaching EGP5.15 billion ($105.34 million) from EGP1.84 billion ($37.6 million). The strong performance across both segments reflects TMG's successful execution of its growth strategy and its established market presence.
This surge in revenue has translated into a significant increase in profitability, with TMG's net profit rising by an extraordinary 308 percent to EGP6.36 billion ($130 million) in H1 2024, compared to EGP1.55 billion ($31.7 million) in H1 2023. Consequently, earnings per share (EPS) have also risen sharply, from EGP0.68 ($0.014) to EGP1.7 ($0.035).
