Talaat Moustafa Group Holding (TMG Holding) has reported a 32% year-on-year (YoY) surge in consolidated profits excluding taxes and minority interests during the first quarter (Q1) of 2023, registering around EGP 747.459 million, compared to EGP 565.685 million, according to the firm’s financial statements sent to the Egyptian Bourse on May 28th.

Consolidated sales surged 47% YoY, hitting EGP 4.437 billion during the first three months of 2023, compared to EGP 3.024 billion during Q1 2022.

Standalone net profits rose slightly by 1% YoY to EGP 132.310 million during the January-March period of this year from EGP 131.471 million in Q1 2022.

TMG is an Egypt-based company engaged in real estate investment activities. The company establishes and develops hotels and touristic and residential projects in Egypt.