Egypt’s Talaat Moustafa Group beats on profit, posts record sales in H1
Egypt’s property firm Talaat Moustafa Group (TMG) posted its biggest-ever growth in sales on Sunday, reporting a 375 percent jump for the first half of the year.
The jump in sales in the first half helped the Egyptian property firm trounce expectations for profit and revenues.
First half sales recorded more than 21 billion Egyptian pounds ($1.3 billion), up from 4.4. billion pounds in the same period last year.
The company said actual sales balance, verified until 30 June, 2021, had stood at 63.9 billion pounds, from 48.5 billion pounds for the same period last year.
Consolidated net profit after sales and minority interest grew 23 percent to 869 million pounds for the first half of 2021.
Total revenues also rose 27 percent year-on-year to 5.49 billion pounds, compared with 4.33 billion pounds in the same period last year.
Nour City: TMG’s newest, biggest flagship
In June, Talaat Moustafa Group introduced the first residential city with future technology, Noor Capital Gardens, in partnership with the Egyptian New Urban Communities Authority (NUCA).
The project, located along the Cairo-Suez highway near Egypt’s new administrative capital, will cost 500 billion pounds, and the land, spanning over 5,000 acres, to include 140,000 housing units alongside fully-fledged and integrated services from commercial, government, administrative and other amenities.
It is set to would accommodate a population of 600,000, create 3.3 million job opportunities.
The new city will include modern applications and cutting-edge technologies like 5G technologies, high-speed Wi-Fi, advanced fibre optics infrastructure, and the latest security systems like CCTV cameras and control rooms. In order to achieve sustainable development, the transportation there will be electric to reduce pollution to the environment.
Four globally renowned companies – SWA, SASAKI, BCG and Perkins Eastman – have planned the project, which is slated to be the ‘first green smart city’ in Egypt, TMG CEO Hisham Talaat Moustafa said in earlier statement.