Talaat Moustafa Group (TMG) announced that the group's hotels achieved revenues of about EGP 1.84bn in the first half of 2023 (1H 2023), with a growth rate of 90% year-on-year, according to the group's executive management report. The group owns Four Seasons Nile Plaza, Sharm El-Sheikh, San Stefano, and Kempinski Nile Hotel. In July, Talaat Moustafa Group's hospitality arm, Arab Company for Tourism and Hotels Investments ("ICON"), in which the Group owns an 83.3% stake through its subsidiaries, has offered to acquire a significant stake and management rights in a unique and sizable portfolio of seven hotels located in Cairo, Alexandria, Luxor, and Aswan. These hotels include Sofitel Legend Old Cataract Aswan, Mövenpick Resort Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, Steigenberger Cecil Hotel Alexandria, Marriott Mena House Cairo, and Marriott Omar Khayyam Zamalek. Currently, these hotels are owned by the Egyptian General Company for Tourism and Hotels (EGOTH). Talaat Moustafa Group achieves historic EGP 51.35bn in real estate sales TMG's sales sector achieved contractual real estate sales worth EGP 51.35bn, a historic figure in the real estate activity sector in Egypt. This includes sales of group companies amounting to EGP 32.88bn, surpassing the sales figure achieved in the same period of 2022, which was EGP 11.3bn, with a growth rate of 191%. The group is also entitled to sales commissions for other parties' sales that amount to EGP 18.47bn, which correspond to general and administrative expenses. Talaat Moustafa Group reported that the balance of actual and undelivered sales was EGP 102bn as of June 30, 2023, compared to EGP 67bn in 1H 2022, indicating a 52% growth rate. This balance is stable and has high-quality customers, and the sales will be delivered over the next five years without any delays. TMG anticipates maintaining and enhancing its profitability by leveraging the investments already made in its sites and by realizing future savings in building material costs. These expenditures will be fully supported by TMG's customers, providing a transparent outlook on future cash flows and profits. In the first half of 2023, Talaat Moustafa Group achieved total revenues of EGP 10.71bn, reflecting a growth rate of 51%. Revenues from proven real estate activities during the same period amounted to approximately EGP 7.4bn, compared to EGP 5.05bn during the same period last year, representing a growth rate of 46%. In the first half of 2023, Talaat Moustafa Group's earned revenues of approximately EGP 1.47bn from activities with a periodic return as well as service activities. This represents a 37% growth.
