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Talaat Moustafa Group’s profit grows 20% in 9M initial results

Talaat Moustafa Group’s profit grows 20% in 9M initial results
The property developer’s revenues surged to EGP 10.41 billion
TMG Holding
TMGH
-1.64% 6.63 -0.11

Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) recorded a 20% year-on-year (YoY) growth in its net profits, logging EGP 1.569 billion in the first nine months of 2020, compared to EGP 1.312 billion, the unaudited consolidated financial results showed.

The property developer’s revenues surged to EGP 10.41 billion in the nine-month period ended 30 September from EGP 7.75 billion in the prior-year period, according to a bourse disclosure on Thursday.

As for standalone business, the company’s net profits rose to EGP 99.99 million in the January-September from EGP 71.26 million in the corresponding period a year earlier.

During the first half (H1) of 2020, TMG Holding reported consolidated net profits of EGP 685.4 million, down from EGP 852.2 million in H1-19, including minority shareholders’ rights.