TMG profits exceed expectations, its share records EGP 15: Naeem Brokerage

Naeem Brokerage has said that Talaat Moustafa Group’s (TMG) net profits in the first quarter of 2023 exceeded the company’s estimates. The Group’s net profits amounted to EGP 747m in the first three months of 2023, outperforming Naeem’s estimates of EGP 651m. 

Talaat Moustafa Group’s profit margins improved to 35.2%, up 3.4%, exceeding estimates for the value by 34%. The group also recorded total revenues of EGP 4.4bn, up 46.7% annually, in line with estimates.

This highlighted the large growth rate in the sales of Talaat Moustafa Group during the first quarter of 2023, amounting to 127%, bringing sales to EGP 12.2bn, and Madinaty still has the top selling projects in the group therefore in Egypt.

The report recommended buying the shares of Talaat Moustafa Holding Group on the Egyptian Stock Exchange, setting EGP 15 as a fair value for the stock listed on the money market, against a market price exceeding EGP 9.35, according to Monday’s trading session.