Talaat Moustafa Group's profit rises 19% in Q1 initial results

The real estate developer generated $186mln in revenue in the January-March period

  
Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) reported a 19% year-on-year (YoY) growth in its consolidated net profits to EGP 447.08 million in the first quarter (Q1) of 2021, compared to EGP 375.33 million, including minority shareholders’ rights, the unaudited financial results showed.

The real estate developer generated EGP 2.92 billion in revenue in the January-March period, down from EGP 2.29 billion in the prior-year period, according to a bourse disclosure on Thursday.

As for standalone business, the company logged net profits of EGP 69.89 million in Q1-21, up from EGP 36.08 million in Q1-20.

During 2020, the company achieved consolidated net profits of EGP 1.67 billion, down from EGP 1.87 billion a year earlier, including minority shareholders’ rights.

Source: Mubasher

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