Strong customer confidence in the Talaat Moustafa brand fuels sales and reservations for the South Med Project on the North Coast، surpassing $5.3 billion within a month of its launch.
In the first half of 2024، Talaat Moustafa Group Holding SAE reported sales of EGP 391 billion (approximately $8.1 billion) through the end of July، marking a 5-6-fold increase compared to H1 2023، when the group achieved EGP 60 billion in sales.
South Med on the North Coast and Banan in Saudi Arabia drive record sales for the group.
The significant surge in sales was driven by the launch of the Banan Project in Saudi Arabia and the South Med Project on Egypt’s North Coast earlier this year.
South Med - North Coast
Sales and reservations for the South Med Project on the North Coast exceeded EGP 253 billion (approximately $5.3 billion) within a month of its launch in early July 2024.
These figures underscore the strength of the Talaat Moustafa Group brand، reflecting the high level of trust it enjoys from customers and the robust demand for its products locally and internationally.
$8.1 billion in sales recorded by the end of July.
The South Med Project spans 23 million square meters and is an integrated urban development designed to international standards، positioned to become a new global destination on the Mediterranean Coast.
$8.1 billion in sales recorded by the end of July.
The company noted that a significant portion of South Med’s sales came from customers in Gulf countries، with reservation collections generating future revenues exceeding EGP 0.6 billion in under a month.
Continued growth is expected from ongoing collections and future sales.
Banan - Saudi Arabia
The Banan Sustainable City Project in Saudi Arabia، launched in mid-May 2024، has achieved total sales exceeding EGP 43 billion to date.
This success underscores the regional recognition of Talaat Moustafa Group، extending beyond Egypt، as Banan is the group’s first international venture.
Talaat Moustafa Group Holding anticipates sustaining and potentially enhancing its profitability due to expenses already incurred on sites، including completed infrastructure and historically low land costs.
The group’s substantial liquidity and purchasing power are expected to support ongoing profitability through future savings in construction material costs.
The company reported a 310% increase in net profit for the first half of 2024 compared to the previous year، with revenues rising to EGP 17 billion.
In 2024، Talaat Moustafa Group successfully repositioned itself as a regional player، leveraging 50 years of diligent work and customer trust.
The strong sales from the South Med and Banan projects have reinforced the group’s status as a leading real estate company and boosted its income in foreign currencies.
