TMG Holding, under the leadership of Egyptian magnate Hisham Talaat Moustafa, has unveiled a strong financial performance during the initial half of its fiscal year 2023. Despite prevailing macroeconomic difficulties, the real estate holding company has achieved a notable upswing in profits.
As indicated by the recently disclosed financial outcomes, TMG Holding has generated a profit of EGP 1.55 billion ($50.3 million) by the conclusion of the first six months of 2023. This remarkable achievement represents an impressive surge of 43.5 percent compared to the EGP 1.08 billion ($35.05 million) recorded during the corresponding period in 2022.
Surge due to the increased demand for real estate assets
The remarkable increase in the group’s profit can be attributed to the unwavering demand for real estate assets during the initial half of the year, despite the ongoing macroeconomic challenges that have placed pressure on household disposable incomes.
Under the visionary guidance of Hisham Talaat Moustafa, TMG Holding’s leadership played a pivotal role in skillfully navigating these obstacles, resulting in the attainment of an impressive financial standing.
In the initial half of its 2023 fiscal year, TMG Holding witnessed a substantial 46.5 percent growth in revenue, escalating from EGP 5.05 billion in the first half of 2022 to EGP 7.4 billion. This notable revenue upsurge was predominantly fueled by the consistent demand for real estate assets within the market.
The company’s overall assets experienced a significant elevation, climbing from EGP 163.37 billion ($5.28 billion) as of December 31, 2022, to EGP 187.37 billion ($6.06 billion) as of June 30, 2023. This further solidifies TMG Holding’s prominent standing as a key player in Egypt’s thriving real estate sector.
What to note about Hisham Talaat Moustafa
Hisham Talaat Moustafa, recognized for his substantial 43.16-percent ownership share in TMG Holding, is widely acclaimed as one of the most prosperous investors on the Egyptian Exchange, exerting substantial influence on the real estate scene in North Africa.
In the earlier part of this year, Moustafa’s astute guidance resulted in TMG Holding entering into a noteworthy collaboration with the British real estate services provider Savills.
This partnership endeavors to support the ambitious “The Strip” undertaking in Madinaty, an extensive commercial venture encompassing 125 spacious units across a remarkable expanse of 28,000 square meters.
Guided by Moustafa’s forward-thinking strategy, the “The Strip” initiative aims to address the requirements of Madinaty’s inhabitants and the broader eastern sectors of Cairo. Encompassing a varied array of indispensable services and conveniences, the project encapsulates the core essence of contemporary urban lifestyle.
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