Talaat Moustafa Group Holding Company (TMG Holding) posted a 44% year-on-year (YoY) surge in consolidated net profits after taxes and non-controlling interests to EGP 3.31 billion in 2023 from EGP 2.30 billion.

The company’s revenues soared 43% YoY to EGP 28.43 billion last year from EGP 19.87 billion the year before, according to unaudited financial indicators.

Standalone Results

The standalone net profit after tax grew 3.20% YoY to EGP 682.46 million in 2023 from EGP 660.98 million.

Revenues increased by 1% YoY to EGP 793.22 million last year, versus EGP 788.41 million in 2022.

The basic earnings per share (EPS) reached EGP 0.33 in the 12-month period that ended on 31 December 2023, up 3.30% YoY from EGP 0.32.

Cash Dividends

TMG’s board of directors approved the disbursement of EGP 450 million, or EGP 0.218 per share, in cash dividends for 2023.

The dividends are set to be distributed in two installments each worth EGP 0.109 on 31 May and 31 July 2024.

Contractual Sales & Backlog

The company achieved contractual real estate sales of EGP 142.70 billion in 2023, up 186% YoY from EGP 33.20 billion

The backlog of undelivered contractual sales recorded EGP 145 billion last year, an 88% annual increase from EGP 77 billion.

Earlier in February, TMG Holding announced agreeing with Abu Dhabi-based investment firm ADQ and Modon Properties to collaborate on the development of the Ras El-Hekma project with total investments of $24 billion.

The company logged consolidated net profits after tax and non-controlling interest of EGP 2.68 billion in the first nine months (9M) of 2023, 34% YoY higher than EGP 1.99 billion the year before.

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