Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) on Thursday posted a 67% year-on-year surge in its profits during the full-year 2017, compared to the prior year.

The real estate developer’s profits amounted to EGP 1.38 billion last year, compared to EGP 828.9 million in 2016, according to a statement to the Egyptian Exchange (EGX).

The EGX-listed firm attributed the rise in its annual profits to a growth in revenues of its property business.

Revenues of property activities reached EGP 6.4 billion during 2017, compared to EGP 5.2 billion a year earlier.

As for the consolidated profits, TMG Holding posted EGP 450.2 million in 2017, up from EGP 277.6 million in the year before.

The company has previously reported a 100% year-on-year surge in sales, recording its highest level since 2008.