Talaat Moustafa Group (TMG) reported a 224% surge in profits for 2024, reaching EGP 10.7bn, compared to EGP 3.3bn in 2023. This significant increase was driven by a 50% rise in revenues, which climbed to EGP 42.6bn from EGP 28.4bn the previous year. TMG achieved record sales of EGP 504bn ($10bn) in 2024, almost triple its 2023 figures. This involved the sale of 29,000 units, up from 17,000 in 2023. The company's 2024 executive management report attributed this success to strong demand for TMG-branded products. According to industry reports, TMG alone accounted for approximately 43% of total sales among Egypt's top real estate companies in 2024. Several factors contributed to this exceptional performance, including the group's expansion into Saudi Arabia with the "Banan" project in Riyadh, the successful launch of its SouthMed project on Egypt's Mediterranean coast, and robust demand in existing markets. The hotel sector proved particularly lucrative, with revenues soaring by 225% to EGP 11.5bn, compared to EGP 3.5bn in 2023. This growth was largely due to the acquisition of Legacy Hotels and Tourism Projects, which added 2,500 rooms to TMG's portfolio, bringing the total to 3,500. The Legacy acquisition also generated an additional EGP 719m in net profit and boosted the hotel sector's profit margin to 59%, up from 43% in 2023. TMG plans to renovate and upgrade the Legacy historic hotels to maximise profitability and maintain alignment with its existing portfolio. Funding for these improvements has already been secured as part of the acquisition cost. Three new hotels – Four Seasons Luxor, Four Seasons Madinaty and Marsa Alam Resort – are currently under development and are expected to open in 2026. TMG aims to expand its total room portfolio to approximately 5,000 in the coming years. Recurring income and services activities also demonstrated substantial growth, contributing EGP 6.66bn in revenue, a 101% year-on-year increase. Real estate revenues reached EGP 42.5bn, up from EGP 21.6bn in 2023.
