Arab Finance: Real estate developer Talaat Moustafa Group (TMG Holding) reported consolidated revenues of EGP 13.1 billion in the first quarter (Q1) of 2026, marking a 39% year-on-year (YoY) increase from EGP 9.427 billion, supported by strong real estate revenue recognition, improved hospitality performance, and growth in recurring income streams, as per an emailed earnings release.

The group’s consolidated net profit after tax rose 24% YoY to EGP 5.5 billion in Q1 2026, compared to EGP 4.4 billion in the same period last year, reflecting continued operating strength and the expansion of its diversified business model, alongside the impact of gross margin dynamics during the quarter.

Contracted sales reached EGP 49.1 billion during Q1 2026, down 36% YoY, primarily due to a high comparison base in Q1 2025, which included a one-off EGP 17 billion transaction in Madinaty. Excluding that deal, the decline would narrow to 19%, reflecting the absence of major project launches and new phase rollouts during the quarter, in addition to softer sales at the Saudi Arabia-based Banan project amid regional geopolitical uncertainty.

The company said domestic demand remained resilient, supported by strong sales growth across several local developments. Sales at Privado doubled compared to the same period last year, while SouthMed recorded 68% YoY growth.

Following the quarter’s end, the group also launched The Spine project, which generated sales of around EGP 30 billion within 15 days.

Also, the Ministry of Investment and Foreign Trade approved an application by TMG Holding to establish the country’s first Special Investment Zone (SIZ) with a customs area for The Spine project in New Cairo,

Meanwhile, the group’s backlog increased to EGP 457.9 billion as of March 31st, 2026, compared to EGP 441.2 billion at the end of 2025, providing multi-year revenue visibility and supporting its long-term growth outlook.

The company also highlighted continued construction and delivery momentum during the quarter, with around 425 units delivered across projects, including Madinaty, Privado, and Celia. Deliveries at Noor are expected to begin during the second half (H2) of 2026, marking a key milestone for the project and supporting future revenue recognition.