Cairo – Mubasher: Talaat Moustafa Group Holding on Sunday reported a 72% year-on-year hike in consolidated profits from the first nine months of 2017.

Net profit amounted to EGP 1.058 billion in the nine-month period ended September, versus EGP 616 million in the prior-year period, the firm highlighted in a filing to the Egyptian Exchange (EGX).

The real estate company attributed the rise in consolidated profits to the increase in revenues from the real estate and tourism sectors due to the positive stable performance of the Egyptian economy over this period.

Total revenues grew 43% to EGP 5.6 billion in the first nine months of 2017 from EGP 3.93 billion in the same period of 2016.

Sales hiked 172% to EGP 9.5 billion in the period between January and September 2017, compared to EGP 5.53 billion in the year-ago period.

Meanwhile, standalone profits levelled up 70% in the nine-month period to EGP 48.59 million from EGP 28.57 million.

TMG Holding had previously posted a 61% year-on-year surge in profits for the first half of 2017.

The Egyptian firm achieved profits of EGP 696.5 million in H1-17, versus EGP 432.13 million in H1-16, including minority shareholders’ rights.