Daily News Egypt

TMG announces capabilities to deal with COVID-19 - Daily News Egypt

Advertising Area

Advertising Area

TMG announces capabilities to deal with COVID-19

Company reported EGP 243m in its hotel revenues during first two months of 2020

Talaat Moustafa Group (TMG) has announced that it has put in place precautionary measures to confront the coronavirus (COVID-19) crisis and protect the health and safety of its employees.

TMG confirmed its readiness to face any fluctuations that may affect businesses, and has prepared five scenarios to face the crisis.

Financial statements released by the company noted its profits increased to EGP 375.3m in the first quarter (1Q) of 2020 compared to the EGP 361.2m in 1Q 2019. The latest figures reflect a 4% on the 1Q 2019 figures.

This came after the company’s revenues from sold real estate units rose by 9.6% in 1Q 2020. It reported revenues of EGP 1.3bn at the end of March 2020, compared to EGP 1.2bn in March 2019.

TMG noted that the balance of sales for units that were not delivered to customers amounted to EGP 49.3bn at the end of last March. These would generate revenues of EGP 40.8bn during the coming four years. These sales were covered by post-dated cheques by TMG customers covering 90% of sales.

Additionally, cash collection rates continued at normal levels during March, despite government actions to confront the ongoing coronavirus (COVID-19) pandemic. The company’s net cash collections reached EGP15bn, after paying all dues on the company related to construction works and delivery of units. This carries on the activity witnessed for the same month in the previous four years. TMG anticipates a continued delivery of units to its customers as scheduled over the next four years.

The company achieved growth in its hotel revenues during the first two months of this year, bringing its revenues to $15m (EGP 243m). The latest figures compare to the $13m (EGP 237m) in the same period last year.

However, with the spread of the coronavirus and the government’s measures to confront it, revenues decreased in March. In 1Q 2020, supported by its growth in the first two months, its hotel revenues amounted to $18m, compared to $21m in March 2019. Nevertheless, the company retained its employees, especially its hotel workers.

The company has Four Seasons Hotels in Cairo, Alexandria, and Sharm El Sheikh as well as the Kempinski Nile Hotel in Garden City in Cairo.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter