T M G HOLDING
TMGH
Financial ResultsPositive News
TMG Holding Rockets 44% Profit Growth in 2023, Unveils Generous Dividend Plan
TMG Holding reports a 44% YoY profit surge to EGP 3.31B in 2023, with revenues hitting EGP 28.43B and a EGP 450M dividend plan approved.
February 28, 2024 at 12:35:00 PMScore: 85
Cairo-based TMG Holding (TMGH) delivered stellar financial results in 2023, with consolidated net profits after taxes and non-controlling interests soaring 44% year-on-year (YoY) to EGP 3.31 billion, up from EGP 2.30 billion in 2022. Revenues surged 43% YoY to EGP 28.43 billion, driven by strong performance across its real estate portfolio. On a standalone basis, net profit after tax grew 3.2% YoY to EGP 682.46 million, while revenues inched up 1% YoY to EGP 793.22 million. Basic earnings per share (EPS) climbed 3.3% to EGP 0.33. The board approved a cash dividend payout of EGP 450 million (EGP 0.218 per share), to be distributed in two installments on 31 May and 31 July 2024. Contractual real estate sales skyrocketed 186% YoY to EGP 142.70 billion, with the backlog of undelivered sales jumping 88% to EGP 145 billion. Earlier in 2023, TMG partnered with Abu Dhabi’s ADQ and Modon Properties for the $24 billion Ras El-Hekma development project. The company also reported a 34% YoY rise in 9-month 2023 profits to EGP 2.68 billion.
Recommended Actions
- Consider buying TMGH shares for growth exposure
- Monitor dividend payout dates for income opportunities
- Track progress of Ras El-Hekma project developments
- Review Q1 2024 financials for sustained momentum
- Set price alerts for potential entry points
Positive Aspects
- 44% consolidated profit surge
- 43% revenue growth
- Generous dividend payout
- 186% contractual sales increase
- Strategic $24B partnership
Negative Aspects
- Modest 3.2% standalone profit growth
- Dependence on single large-scale project (Ras El-Hekma)
Recent News
January 22, 2024 at 12:37:00 PMGiza Contracting Secures EGP 539 Million Mega-Contract for New Aswan City Development
July 3, 2024 at 10:22:00 AMLink Holdco Trims Fawry Stake Amid Block Trade Surge
March 10, 2024 at 12:07:00 PMRaya Holding Soars to EGP 564M Profit in 2023 Amid Revenue Surge
May 29, 2024 at 10:36:00 AMRaya Holding Soars with 131% Profit Surge in Q1-24 Amid Standalone Losses
GGCC
GIZA GENERAL CONTRACTINGEgyptian construction giant lands major infrastructure deal while navigating revenue challenges in 2023 financials
FWRY
FAWRY FOR BANKING TECHNOLOGY AND ELECTRONIC PAYMENTLink Holdco reduces Fawry stake to 4.99% following a EGP 1.02B block trade; Q1 profit surges 135% YoY.
RAYA
RAYA HOLDING FOR FINANCIAL INVESTMENTSRaya Holding reports a 34% profit surge to EGP 564M in 2023, driven by revenue growth, but standalone losses widen.
RAYA
RAYA HOLDING FOR FINANCIAL INVESTMENTSRaya Holding reports soaring Q1-24 consolidated profits but faces standalone losses as revenues and assets grow.
