TMG Holding, Egypt posts 44% YoY consolidated profit growth in 2023

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Talaat Moustafa Group Holding (TMG Holding) reported a 44% year-on-year (YoY) growth in consolidated net profit after tax and minority interest in 2023, according to a statement on February 28th.

Consolidated net profit after tax and minority interest amounted to EGP 3.313 billion in the 12-month period of the year, compared to EGP 2.304 billion in 2022.

The group recorded real estate revenues of EGP 28.341 billion last year, compared to EGP 19.870 billion.

Meanwhile, standalone net profit after tax grew to EGP 682.460 million in January-December from EGP 660.985 million in the year-ago period.

Founded in 1970, the leading community real estate developer has a land bank exceeding 50 million square meters. The company currently focuses on establishing self-sustained residential city and community complexes for the upper and middle classes. The company also invests in mixed-use real estate and hospitality projects.