Egypt’s largest listed developer Talaat Moustafa reports jump in income, revenue

Talaat Moustafa Group (TMG) saw its net income jump 24% y-o-y to EGP 5.5 bn in 1Q 2026, according to the real estate player’s latest earnings release (pdf). Revenues surged 39% y-o-y over the same period to EGP 13.1 bn, with growth attributable to a strong showing in the real estate and hospitality sectors and steady scaling of recurring revenue sources.

Behind the numbers: Real estate spearheaded topline growth, with segment revenue surging 61.6% y-o-y to EGP 6.1 bn, fueled by handovers at Madinaty, Privado, and Celia, plus revenue recognition at its first foray into the Saudi market, Benan, which contributed more than half of the developer’s real estate revenues for the three-month period. Contracted sales fell 36% y-o-y to EGP 49.1 bn.

Aside from real estate: Hospitality revenues climbed 21% y-o-y to EGP 4.3 bn, propelled by improved occupancy, average room rates, and sustained operational gains across the Legacy Hospitality portfolio. Occupancy rates rose 3 pps y-o-y to 63% during the quarter, whereas average room rates jumped 15% to EGP 13.7k.

Byit sets foot in the UAE

Homeborn proptech startup Byit has launched in the UAE, rolling out new AI-powered solutions intended to simplify cross-border property transactions, according to a statement (pdf). By establishing Byit Ventures in the Emirates, the company is hardwiring Egyptian real estate supply with GCC investors.

We knew GCC expansion was in the cards after the company said it would use the USD 1.1 mn raised last December to fund its Gulf expansion. The company plans to expand into Saudi Arabia “as part of its next growth phase.”