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Talaat Moustafa Group's profit down 11% in 2020 initial results; dividends proposed

Talaat Moustafa Group's profit down 11% in 2020 initial results; dividends proposed
Revenues increased to EGP 14.09 billion last year
TMG Holding
TMGH
1.61% 5.64 0.09

Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) reported consolidated net profits of EGP 1.67 billion in 2020, down by 11% year-on-year (YoY) from EGP 1.87 billion, including minority shareholders’ rights, the unaudited financial results showed.

Revenues increased to EGP 14.09 billion last year, compared to EGP 11.74 billion in 2019, the company said in a bourse disclosure on Wednesday.

The growth in revenue was ascribed to the EGP 4 billion deal resulted from the strategic alliance with the National Bank of Egypt (NBE) and Banque Misr for the development of 341,000 square metres in Rehab and Madinaty.

This partly offset the drop in revenues generated from hospitality activity due to the pandemic.

As for standalone business, the company logged EGP 487.06 million in net profits in 2020, up from EGP 471.13 million a year earlier.

The board of directors recommended a cash dividend distribution of EGP 300 million or EGP 0.145 per share for 2020’s earnings.

During the first nine months of 2020, Talaat Moustafa Group recorded net profits of EGP 1.569 billion, up from EGP 1.312 billion in the corresponding period a year earlier.