Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) reported consolidated net profits of EGP 685.4 million in the first half (H1) of 2020, down by 19.6% year-on-year (YoY) from EGP 852.2 million, including minority shareholders’ rights.

The company’s real estate revenues increased to EGP 3.3 billion in the January-June period from EGP 3.03 billion in the year-ago period, according to a bourse disclosure on Wednesday.

On the other hand, the hotel revenues plunged to EGP 323.87 million in H1-20 from EGP 784.36 million in H1-19.

As for standalone financials, TMG Holding posted net profits of EGP 68.9 million in the six-month period ended on 30 June, up from EGP 56.25 million in the same period a year earlier.

It is worth mentioning that during the first quarter (Q1) of 2020, the company reported net profits of EGP 375.33 million, compared to EGP 361.2 million in the corresponding period in 2019.