By: Abdullah Bedeir

Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) is in talks with the Saudi Arabian Ministry of Housing to build a residential project in the Gulf kingdom, the company’s CEO revealed on Monday.

The terms and conditions set by TMG Holding for the establishment of the project are currently being reviewed by the Saudi ministry, Hisham Talaat Mostafa told reporters on the sidelines of Cityscape Egypt 2019.

It is worth noting that TMG Holding has logged EGP 4.1 billion in sales since the beginning of 2019, aiming to raise its sales by 12.6% year-on-year.

In February, TMG Holding reported an EGP 1.77 billion in consolidated profits for fiscal year ended 31 December 2018, versus EGP 1.32 billion in 2017.

The company’s revenues rose to EGP 10.9 billion last year, versus EGP 8.53 billion a year earlier.

Moreover, the company’s management had proposed a cash dividend of EGP 365 million or EGP 0.17 per share for 2018.

Translated by: Mai Ezz El-Din