Talaat Moustafa Group Holding (TMG) has achieved a significant milestone, securing a staggering EGP 340bn ($7.1bn) in sales as of July 8, 2024. This remarkable figure, a more than sevenfold increase compared to the same period last year, is largely attributed to the success of their flagship project, SouthMed. SouthMed, a sprawling development along the Mediterranean coast, has generated a record-breaking EGP 200bn ($4.2bn) in sales within just six days of opening bookings. This achievement positions TMG as the leader in single-project sales across the Middle East and North Africa (MENA) region. The company expects these sales to translate into significant future profitability, bolstered by its established brand reputation and strong track record. TMG emphasises that SouthMed's sales success represents a groundbreaking milestone within Egypt's real estate history. Beyond SouthMed, TMG's newly launched Banan project in Saudi Arabia, which debuted in May 2024, has also garnered strong sales, reaching an estimated EGP 40bn within just two months. This figure surpasses the project's first-year sales target. 2024 marks a transformative year for TMG, propelling them into a regional powerhouse. The sales momentum generated by SouthMed and Banan showcases the company's dedication to customer trust, built over five decades. This success not only diversifies TMG's regional presence but also strengthens its real estate export capabilities, generating significant foreign currency revenue. The company's extensive hotel portfolio, with over 3,500 operational rooms and plans to expand to 5,000 rooms, further contributes to this foreign currency stream, generating an estimated $300m in consolidated revenue. TMG attributes its remarkable sales surge to its strong brand recognition, loyal customer base of over 140,000 high-spending clients, and a solid track record. Looking ahead, the group projects these sales to translate into an estimated EGP 41bn in pre-tax profits over the next four to five years, on top of EGP 30bn in pre-tax profits from 2023 sales. TMG concludes by emphasizing the unique nature of its business model, suggesting it is unlikely to be replicated by other regional real estate companies in the near future.
