Cairo – Mubasher: The unaudited consolidated financial results of Talaat Moustafa Group Holding (TMG Holding) showed a 4% year-on-year profit growth during the first quarter of 2020.

The company achieved net profits of EGP 375.33 million during the January-March period, compared to EGP 361.2 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Thursday.

In addition, TMG Holding’s revenues rose to EGP 2.29 billion in Q1-20 from EGP 2.18 billion in Q1-19.

As for standalone business, the EGX-listed firm reported net profits of EGP 36.08 million in the first three months of 2020, up from EGP 31.53 million in the corresponding period a year earlier.

It is worth mentioning that during 2019, the real estate developer’s net profits increased to EGP 1.94 billion from EGP 1.77 billion in 2018, including minority shareholders’ rights.