Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) announced achieving unprecedented new net sales of EGP 33.20 billion during fiscal year (FY) 2022, beating its own market sales record of 2021 and crossing the upper limit of its annual sales guidance of EGP 24-26 billion by 28%.

Sales during 2022 were strengthened by the devaluation of the EGP throughout 2022, which further increased the investment appeal of the Egyptian real estate market, according to a bourse statement on Monday.  

Moreover, revenues generated from the group’s hotels during FY22 are expected to reach EGP 2.40 billion, up 90% from EGP 1.27 billion in the previous year.

During the first nine months (9M) of 2022, Talaat Moustafa Group recorded higher annual net profits by 15% at EGP 1.96 billion from EGP 1.70 billion.

The property developer’s revenues surged by 23% to EGP 13.91 billion in the nine-month period ended 30 September 2022 from EGP 11.31 billion in the prior-year period.