Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) reported a 10% year-on-year rise in its net profits during 2019, the company’s unaudited consolidated financial results showed.

The company’s net profits grew to EGP 1.87 billion last year, compared to EGP 1.7 billion in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, the property developer generated EGP 11.7 billion in revenue in 2019 from EGP 10.9 billion in the previous year.

The statement further showed that the balances of sold units that have not been delivered yet to customers reached EGP 49.5 billion last year from EGP 41.7 billion in 2018.

Moreover, the company’s contracted sales stood at EGP 20.4 billion last year.

As for standalone business, the company’s net profits grew to EGP 471 million in 2019 from EGP 309.8 million in the prior year.

In addition, the company’s board of directors recommended a cash dividend distribution of EGP 365 million for 2019 and retained earnings of EGP 106.88 million for 2020.

The proposal will be referred to the company’s extraordinary general meeting (EGM), to be held on 28 March, for approval.  

It is noteworthy that during the first nine months of 2019, Talaat Moustafa Group’s net profits rose to EGP 1.37 billion from EGP 1.24 billion in the prior-year period, including minority shareholders’ rights.