TMG Reports Record Sales: EGP 53Bn From Benan Project In Saudi Arabia

11/7/2024 2:59:48 PM

(MENAFN- Daily News Egypt) Talaat Moustafa Group (TMG) has reported record sales, reaching EGP 470bn (equivalent to $9.4bn) as of November 6th. This represents a significant increase of over four times compared to the EGP 108bn recorded during the same period last year.

The group's new“SouthMed” project on the North Coast of the Mediterranean Sea has generated EGP 280bn (approximately $5.6bn) in sales. Meanwhile, the“Benan” project in Saudi Arabia, launched last May, has achieved remarkable sales of approximately EGP 53bn, exceeding its initial year-one sales target.

According to a statement filed with the Egyptian Exchange, TMG described 2024 as an exceptional year so far. The group has re-established itself as a regional player, benefiting from 50 years of dedication and customer trust. The sales momentum of both“SouthMed” and“Benan” has propelled the group's sales to record levels, fostering greater regional diversification and bolstering its real estate exports and foreign currency earnings.

“SouthMed” boasts a strategic location between kilo 165 and kilo 170 west of Alexandria, with easy access from Alamein Airport, just a 15-minute drive away. The project is designed with global appeal, featuring“Rental Programs” managed by international hotel management companies to ensure year-round occupancy.

TMG has also seen substantial foreign currency revenue streams from its vast hotel sector, projected to generate over $300m in consolidated revenue. The group currently has 3,500 operational rooms in Egypt, with plans to increase this number to approximately 5,000.

Benan City, a new smart residential city in Riyadh. The project, which has an investment cost of SAR 40bn, will be one of the largest residential projects in the area, spanning an area of 10 million square meters.

The management of Talaat Moustafa Group believes its new business model will continue to leverage the company's market leadership position. This is backed by strong administrative vision, which aims to deliver profits worth billions of Egyptian pounds to shareholders in a short timeframe.

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