Egypt: TMG profits surge 149% to $81mln in H1 2024

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Talaat Moustafa Group Holding (TMG) reported a significant jump in profits for the first half of 2024 (1H 2024), with net profits climbing by 149% to EGP 3.89bn. Consolidated net profit after taxes surged by an even more impressive 308% to EGP 6.36bn.

The company attributed this growth to a substantial 59% year-on-year increase in consolidated revenues, which exceeded EGP 17bn in the first six months of 2024 compared to EGP 10.7bn in the same period last year, according to a statement sent to the Egyptian Exchange (EGX) on Tuesday.

TMG’s hospitality sector played a key role in this surge, with revenues reaching EGP 5.15bn in the first half of 2024, a remarkable 180% increase from the EGP 1.84bn recorded in the same period of 2023.

The group also benefited from its acquisition of Legacy Company, generating EGP 1.34bn in additional profits during the first half of the year.

Recurring income activities contributed EGP 2.47bn in revenues, representing an 87% year-on-year growth during the first six months of the year.