Talaat Moustafa Group Stock Soars 148% In 2024
Date
10/29/2024 2:05:48 PM
(MENAFN- Daily News Egypt) Shares of Talaat Moustafa Group (TMG) have surged more than 148% since the beginning of the year, closing at EGP 60 per share on Monday, compared to a closing price of EGP 24.15 per share at the end of 2023.
The company's stock has seen significant gains this year driven by several key events, including a partnership with Madinet Masr Holding for the development of Ras El-Hekma City, a new“SouthMed” project on the North Coast, and strong sales for the“Benan” project in Riyadh, Saudi Arabia.
The partnership with Madinet Masr Holding for the development of Ras El-Hekma City pushed the stock to record highs. The company's new“SouthMed” project on the North Coast has achieved record sales of EGP 251bn ($5.2bn) in less than a month since its launch. Situated on a 23 million square meter plot along the Mediterranean coast west of Alexandria, the project is expected to generate sales of approximately $35bn.
Meanwhile, sales of the“Benan” project in Riyadh, Saudi Arabia, have reached EGP 42bn since its launch in May, surpassing the first year's sales target for the entire project by the end of July.
Talaat Moustafa Group sales division has achieved unprecedented sales results, reaching EGP 391bn ($8.1bn) in the first six months of 2024, representing a growth of 552% compared to the same period last year, when sales reached 60 billion Egyptian pounds.
Talaat Moustafa Group expects its increased sales for the year to contribute an additional EGP 45bn to pre-tax profits over the next four to five years. This will be in addition to the EGP 30bn in pre-tax profits generated from sales that reached EGP 145bn at the end of 2023.
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