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Talaat Moustafa records historic sales thus far in 2024
Talaat Moustafa Group raked in EGP 470 billion in sales during 2024 – a volume equivalent to the “total sales of the 9 largest real estate companies in the Egyptian market,” the company’s CEO said late last week.
And the country is getting a slice:
Egypt’s revenues from its partnership with the firm on the “Madinaty” project amounted to EGP 100 billion, Hisham Talaat Moustafa noted.
Impact:
Earlier in August, TMG said 2024 sales would drive its pre-tax profits by about EGP 45 billion over the next four to five years. It also added they would add significant foreign currency inflows to its coffers.
Great performance in 1H:
The company more than quadrupled its net profit in the first six months of the year, recording a 310% YoY rise to EGP 6.36 billion. TMG also hiked its revenues during the period 59% YoY to EGP 17.02 billion
What’s next:
The company plans to add 1500 hotel rooms to its hotel business in Egypt, which is expected to drive the total to 5000. Its local hotel operations are expected to generate over USD 300 million in aggregate revenues, it said.
The firm’s CEO also said TMG is also planning to expand its operations in Iraq as part of its target to increase revenues generated overseas.
Ibnsina Pharma more than doubles its profits in 9M
Local pharmaceutical company Ibnsina Pharma hiked its profits 134.1% YoY during the first nine months of the year to EGP 406.51 million, its latest earnings disclosure showed.
Sales:
The firm’s sales volume also rose 61.3% YoY to EGP 38.4 billion.
Comes after a strong 1H:
Ibnsina Pharma saw its net income grow 68.3% YoY in the first half of the year to EGP 221.59 million. The company’s revenues similarly rose to EGP 22.8 billion during the period, compared to EGP 14.69 billion in the same interval last year.
Remember:
The company was removed in August from the main EGX30 index (which comprises the most highly capitalized and liquid stocks traded on the Egyptian Exchange) after the bourse completed its semi-annual periodic review of market indices.
What else is clapping?
- Edita Food Industries inked a third-party manufacturing agreement with Misr Food Additives that will enable it to double its production capacity and expand into new segments of the biscuit production sector under the “Oniro” brand.
- The government is close to signing a partnership agreement with a Chinese company to establish a vehicle tire manufacturing plant of various types in the Suez Canal Economic Zone with an initial investment of USD 360 million, two sources familiar with the project told Asharq on condition of anonymity. Egypt imported auto parts and accessories worth USD 9.3 billion from 2014 to the end of 2023, the news outlet notes.
- Nasr Company for Civil Works turned profitable during the first nine months of 2024, raking in net income of EGP 5.48 million compared to losses of EGP 22.08 million in the same period the year before. Its revenues also grew 12.1% YoY to EGP 279.27 million during 9M.
- The government is planning to float an international tender for gold mining and exploration at about 200 locations in the Eastern Desert by year’s end, Asharq wrote.
- Egypt’s tax revenues from the Suez Canal rose 5% YoY during the first quarter of the current fiscal year to EGP 22.5 billion, Al Arabiya Business reported.
- A government source told Enterprise that plans are underway to float 11 new tenders for investments under the public-private partnership framework in a bid to secure investments of up to EGP 62 billion.
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