TMG climbs to 4th in Forbes' Top 50 Public Companies in Egypt' list on surging sales, assets
The company advanced two places to secure the fourth position. The ranking reflects growth that saw the company's sales rise to $837m from $593m, while net profits increased to $284m from $70m. Total assets grew to $7bn from $4.2bn.
TMG's performance was supported by its operations as Egypt's largest real estate developer, with a land portfolio of 125.9 million square metres across Egypt, Saudi Arabia, Iraq, and Oman. In 2024, the group's sales tripled to $10bn, driven by the launch of the 'Banan' project in Saudi Arabia and the 'SouthMed' project in Egypt. The 'SouthMed' project has generated $7bn in sales since its launch in July 2024.
In 2025, TMG continued its regional expansion with projects in Iraq and Oman, increasing its international land portfolio to 29 million square metres. The company said it anticipates generating approximately $33bn in sales from its projects across the three regional markets.
The performance of Egyptian companies listed in the 'Top 50' showed broad growth over the past year. According to the report, the total assets of these companies grew by 33% to $118.8bn by the end of December 2024, a figure equivalent to over 34% of Egypt's GDP. Combined sales for the 50 firms increased by 34.5% to $35.6bn, and net profits rose by 45% to $6.5bn. Their collective market capitalisation reached $35.1bn as of market close on 25 April 2025, a 19.6% increase from the previous year's $29.4bn.
The banking and financial services sector had the largest representation on the list with 17 companies, which together accounted for $13.5 billion in sales and $78.4bn in total assets. The industrial, real estate, and construction sectors followed, each with seven companies on the list.
According to the publication, its research team gathered financial data from the Egyptian Exchange to compile the ranking. Companies were classified using four equally weighted metrics: sales, total assets, and net profits for the 2024 fiscal year, along with market capitalisation based on market close on 25 April 2025. Companies with equal scores received the same rank. Firms that had not disclosed their audited 2024 financial statements by 25 April 2025 were excluded from the list. The report used foreign currency exchange rates from 25 April 2025.
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