Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) on Thursday reported a 28% year-on-year surge in consolidated profits for 2018.

Net profit amounted to EGP 1.77 billion in 2018, versus EGP 1.32 billion in 2017, including minority shareholders’ rights, the property developer said in a filing to the Egyptian Exchange (EGX).

Revenues grew to EGP 10.9 billion last year, versus EGP 8.53 billion a year earlier, the company added.

At the level of standalone business, profits fell to EGP 309.7 million at the 12-month period ended last December, versus EGP 450.24 million in 2017.

In the same vein, the company’s management proposed a cash dividend of EGP 365 million or EGP 0.17 per share for 2018, TMG Holding said in a separate statement.

The dividend will be distributed equally over two installments due on 15 July, the company added.

The board of directors also recommended retaining around EGP 29.29 million for 2020, according to the statement.  

In November, TMG Holding posted a 13% increase in consolidated profits for the first nine months of 2018 with EGP 1.18 billion in net profit, compared to EGP 1.05 billion in profits in the corresponding period of 2017.

Revenues rose to EGP 6.8 billion at the end of September, versus EGP 5.9 billion in the same nine-month period of 2017.