Talaat Moustafa Group (TMG), one of the largest conglomerates in Egypt, saw a jump in sales growth by 375% for the first half of the year.
TMG, in its report released on Sunday, said the jump in sales – its biggest ever growth – in the first half helped the Egyptian property firm beat expectations for profit and revenues.
The firm recorded EGP21 billion ($13bln) in H1 sales, an upsurge from EGP4.4bln in the same period last year.
According to the company, actual sales balance for H1 2021 was EGP63.9bln pounds, up from EGP48.5bln pounds at the same point in 2018.
In the first half of 2021, the consolidated net profit after sales and minority interest grew 23% to EGP869m.
Total revenues also rose 27% year-on-year to EGP5.49bln, compared with 4.33bln in the same period last year.
In June, TMG in partnership with the Egyptian New Urban Communities Authority (NUCA) introduced the first residential city with future technology, Noor Capital Gardens, which is expected to accommodate a population of 600,000 and create 3.3 million job opportunities.
Noor Capital Gardens, located along the Cairo-Suez highway near Egypt’s new administrative capital, will cost EGP500bln, and the land, spanning over 5,000 acres, to include 140,000 housing units alongside fully-fledged and integrated services from commercial, government, administrative and other amenities.
New technologies and applications will be integrated into the new city, such as 5G technologies, high-speed Wi-Fi, fiber optic infrastructure, and the latest security systems, including CCTV cameras and control rooms. To reduce pollution, there will be electric transportation to achieve sustainable development.
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