Cairo – Mubasher: Pharos Research has reiterated their ‘Overweight’ rating recommendation for Talaat Moustafa Group Holding (TMG Holding) at a fair value (FV) of EGP 16.50 per share.

This was mainly driven by the company’s commercial built-up area (BUA) in Madinaty, Pharos said in a report on Wednesday.

The Egyptian property developer recorded sales of EGP18.3 billion for the first nine months of 2018, which is 28% above Pharos’ projection of EGP14.3 billion, according to the report.

TMG Holding reported a 13% year-on-year increase in consolidated profits for the nine-month period ended September.

Net profit reached EGP 1.18 billion in the January-September period of 2018, versus EGP 1.05 billion in profits for the year-ago period.

Revenues rose to EGP 6.8 billion at the end of September, versus EGP 5.9 billion in the same period last year.

At the level of standalone business, profits fell to EGP 22.7 million in the nine-month period of this year, versus EGP 48.5 million in the corresponding period of 2017.