{"id":661269,"date":"2025-02-25T00:00:00","date_gmt":"2025-02-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/25\/tmgs-net-income-more-than-quadruples-to-egp-14-5-bn-in-2024\/"},"modified":"2025-02-25T00:00:00","modified_gmt":"2025-02-25T00:00:00","slug":"tmgs-net-income-more-than-quadruples-to-egp-14-5-bn-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/25\/tmgs-net-income-more-than-quadruples-to-egp-14-5-bn-in-2024\/","title":{"rendered":"TMG\u2019s net income more than quadruples to EGP 14.5 bn in 2024"},"content":{"rendered":"

TMG<\/strong>\u2019s net income<\/strong> climbed 4.4x last year: <\/strong>Real estate giant Talaat Moustafa Group Holding (TMG) reported a net income of EGP 14.5 bn in 2024, a 4.4x y-o-y increase from EGP 3.3 bn in 2023, according to the company\u2019s latest earnings statement (pdf)<\/a>. The company\u2019s revenues jumped 50% y-o-y to EGP 42.6 bn during the period.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The hospitality sector was the main driver of growth<\/strong>, recording total revenues of EGP 11.5 bn in 2024, up 225% y-o-y. This increase was underpinned by the group\u2019s acquisition<\/a> of a majority stake in Legacy Hospitality last year, which generated some EGP 719 mn of additional net income.<\/p>\n

ICYMI- <\/strong>TMG\u2019s subsidiary Icon Investments inked the final contract for acquiring a 51% stake in Legacy Hospitality \u2014 a group of seven historic hotels \u2014 back in February 2024.<\/p>\n

Also supporting top line growth: <\/strong>Revenues from recurring income streams \u2014 malls, sporting clubs, utilities, contracting, and other services \u2014 grew 101% y-o-y in 2024, while the development sector\u2019s revenues climbed 14% y-o-y. TMG also recorded significant net foreign currency gains in 2024, including USD 255 mn in hospitality revenues and SAR 5.1 bn in real estate sales booked in Saudi Arabia.<\/p>\n

A strong year for sales: <\/strong>The company\u2019s record 2024 sales of EGP 504 bn<\/a> were fueled by the Benan sustainable city project<\/a> in Saudi Arabia, which generated over EGP 68 bn in sales during the year, and the North Coast\u2019s SouthMed<\/a>, which has recorded EGP 281 bn in sales since its launch in July. TMG sold a total of 29k units in 2024, up from 17k in 2023, accounting for 43% of all sales made by the country\u2019s top real estate developers.<\/p>\n

Sound smart- In real estate, sales \u2260 revenues: <\/strong>Most real estate companies book a sale when you sign a contract to buy a home, but only record (some or all) of the value of the unit they sold when they (a) deliver the unit to you or (b) hit a percentage of completion of the overall project. <\/p>\n","protected":false},"excerpt":{"rendered":"

Revenues jumped 50% y-o-y to EGP 42.6 bn during the year<\/p>\n","protected":false},"author":1,"featured_media":661270,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[409,72,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-661269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"ddf084be-5268-4792-b820-883844505953","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/235.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Talaat Moustafa Group\u2019s net income more than quadruples to EGP 14.5 bn in 2024","related_issue":[661249],"teaser":"Revenues jumped 50% y-o-y to EGP 42.6 bn during the year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.59510ff4-2a1a-4f23-b507-4e723078b117.mp3"},"yoast_head":"\nTMG\u2019s net income more than quadruples to EGP 14.5 bn in 2024 - 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Revenue growth was driven by strong operational performance in the fertilizers and petrochemicals segment, as well as healthy growth in the energy sector. Bottom line for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598132,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/15\/earnings-watch-efg-hermes-talaat-moustafa-telecom-egypt-porto-group-credit-agricole-vodafone-egypt\/","url_meta":{"origin":661269,"position":2},"title":"Earnings Watch: EFG Hermes, Talaat Moustafa, Telecom Egypt, Porto Group, Credit Agricole, Vodafone Egypt","author":"enterpriseam admin","date":"15 May 2019","format":false,"excerpt":"EARNINGS WATCH- EFG Hermes net profits rise 51% y-o-y in 1Q2019 to EGP 374 mn, the company announced in a statement (pdf). Revenues rose 42% y-o-y to reach EGP 1.3 bn, up from EGP 945 mn in 1Q2018. Earnings growth was driven by a 58% y-o-y increase in commissions and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":655390,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/18\/egypt-kuwait-holding-contact-financial-idh-gb-corp-juhayna-and-tmg-report-3q-earnings\/","url_meta":{"origin":661269,"position":3},"title":"Egypt Kuwait Holding, Contact Financial, IDH, GB Corp, Juhayna, and TMG report 3Q earnings","author":"enterpriseam admin","date":"18 November 2024","format":false,"excerpt":"Egypt Kuwait Holding saw its attributable net income dip 5% y-o-y during 3Q 2024","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/4.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":675452,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/13\/tmg-orascom-development-fawry-report-9m-earnings\/","url_meta":{"origin":661269,"position":4},"title":"TMG, Orascom Development, Fawry report 9M earnings","author":"enterpriseam admin","date":"13 November 2025","format":false,"excerpt":"Talaat Moustafa Group saw its net income jump 70% y-o-y in 9M","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/204.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560588,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/04\/tmg-holding-income-falls-11-in-2020\/","url_meta":{"origin":661269,"position":5},"title":"TMG Holding income falls 11% in 2020","author":"enterpriseam admin","date":"4 March 2021","format":false,"excerpt":"Talaat Moustafa Group\u2019s (TMG) net income declined 11% in 2020 to EGP 1.7 bn, compared to EGP 1.9 bn a year earlier, according to the company\u2019s earnings statement (pdf). This came despite revenues jumping 20% y-o-y to hit EGP 14 bn during the year.","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/661269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=661269"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/661269\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/661249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/661270"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=661269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=661269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=661269"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=661269"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=661269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}