TMG generates EGP 200B sales from SouthMed in 6 days
Updated 7/9/2024 9:37:00 AM
Arab Finance: Talaat Moustafa Group Holding (TMG Holding) has generated EGP 200 billion in sales from the newly-launched SouthMed project in the North Coast, only in six working days from bookings open, as per a disclosure.
TMG also reported unprecedented sales of EGP 340 billion year-to-date (YTD), compared to EGP 47 billion over the same period a year ago.
The group’s sales are anticipated to grow its pre-tax profits by around EGP 41 billion over the coming four to five years, the statement read.
This is along with the pre-tax profits of EGP 30 billion generated from sales EGP 145 billion at the end of 2023.
On July 2nd, the group announced the launch of SouthMed, its first project in the North Coast, with investments estimated EGP 1 trillion ($21 billion).
On June 9th, TMG disclosed that it garnered EGP 37.1 billion in sales from the Banan City project in Saudi Arabia during the January-May period of 2024.
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