Talaat Moustafa Holding Group (TMG) announced unprecedented sales, amounting to 390 billion pounds, equivalent to 8.1 billion dollars, as of July 29, 2024.

The group stated in a financial disclosure to the Egyptian Stock Exchange that this figure is seven times more than the sales achieved in the same period last year, which amounted to sixty billion pounds.

The group indicated that its global project, SouthMED, on the North Coast alone, recorded record sales amounting to 251 billion pounds, or about 5.2 billion dollars, in just less than a month of opening the door for sales in the project.

She noted that these numbers make the group the fastest and largest in achieving sales for a single project in the Middle East and North Africa region, explaining that the sales achieved during this year are an amazing and unprecedented achievement in the history of Egypt, and also at the level of any real estate project in the world, and she confirmed The year 2024 is an exceptional year for the group so far.

Meanwhile, the Banan project, which was recently launched in the Kingdom of Saudi Arabia, has achieved unprecedented sales worth approximately 42 billion pounds since its launch last May, exceeding its first-year sales target.

Talaat Moustafa Holding explained that these sales will push the group's profitability and return on equity to unprecedented levels in the coming years.

The group indicated that the strong sales momentum witnessed during the year 2024 is a strong testimony to the strength and distinction of its brand, and its solid record among its customer base, which exceeds 140,000 customers with high spending rates, explaining that this is what confirms the group’s leadership in the field. Real estate in the Middle East and North Africa, and being the largest real estate development company in the region.

She added that the record sales for both SouthMED and Lebanon increased the group’s regional diversification, enhanced its real estate exports, and paid its income in foreign currencies, adding to other large sources of foreign currencies such as the group’s huge hotel sector, which is expected to generate more than $300 million in combined revenues. It includes 3,500 operating rooms in Egypt, and will soon increase to about 5,000 rooms.

The group expected an increase in sales this year from profits before taxes by about 45 billion pounds over the next four to five years, in addition to 30 billion pounds in profits before taxes, from sales that reached 145 billion pounds by the end of 2023.

Talaat Mostafa Group expressed its confidence that the group’s sales success is a direct result of its excellent understanding of market needs, and its ability to accurately identify market opportunities, and provide a high-quality real estate product with a distinct design, supported by well-studied payment plans in an attractive and unparalleled way in the North Coast market.

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