Egyptian real estate giant Talaat Moustafa Group Holding (TMG Holding) announced on Monday that it had achieved record net sales of 33.2 billion Egyptian pounds ($1.3 billion) during 2022.
“TMG Holding books exceptionally strong EGP3.2bn in new net sales in FY2022, beating the unprecedented sales results of the previous year and exceeding annual sales guidance by a remarkable 28%;” the company said in a bourse filling.
These figures beat the company’s own market sales record of 2021 and exceeded the upper limit of its annual sales guidance of 24 billion and 26 billion pounds by 28 percent, despite the ongoing macroeconomic headwinds triggered by the Russian-Ukrainian conflict aggravating global post-pandemic challenges.
According to TMG’s bourse filling, the 2022 sales were strengthened by the devaluation of the Egyptian pound throughout last year, which further increased the investment appeal of the real estate market in Egypt.
“Sales during the year were exclusively driven by very resilient retail and institutional demand in already launched projects, in the absence of any new launches like that of Noor City,”
“Management remains upbeat on the immediate prospects of the real estate market in Egypt, specifically in East Cairo …”
Also, during 2022, the company said 93,000 square metres of non-residential retail and clinic space became operation in TMG-branded cities, such as the Gateway Mall in Al Rehab City and All Seasons Park and East Hub malls in southeast of Madinaty.
“These properties have brought the total operational non-residential space in our cities to a whopping 397,000 square metres and further strengthened our dominance in East Cairo.”
For the hospitality segment, TMG said it is also expected to deliver “the best financial and operational performance on record since 2018.”
Revenues generated from the hotels during 2022 are expected in the vicinity of 2.40 billion pounds, almost up 90 percent year-on-year.
