Cairo – Mubasher: The consolidated financial statements of Talaat Moustafa Group Holding (TMG Holding) showed a 10% year-on-year profit increase during 2019.

The real estate developer’s net profits levelled up to EGP 1.94 billion last year from EGP 1.77 billion in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, the company’s revenues rose to EGP 11.7 billion in 2019, compared to EGP 10.9 billion a year earlier.

The revenues included EGP 8.15 billion in real estate activity, EGP 1.6 billion in hospitality activity, and EGP 1.99 billion in service activities.

Moreover, the balances of sold units that have not been delivered yet to customers grew to EGP 49.5 billion last year from EGP 41.7 billion in 2018.

As for standalone financials, the company’s net profits surged to EGP 471.14 million in 2019, compared to EGP 309.8 million in the previous year.

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