Thursday 19 backend.Sep
Talaat Moustafa Holding Group (TMG) shares surged on Sunday at the opening of the Egyptian stock exchange's trading week.
The increase was fueled by the
Group's announcement of plans to initiate legal and technical procedures for
establishing projects and investments in Iraq.
Stock exchange transactions
demonstrated a significant rise in the share price, approximately 2.5%,
reflecting gains of 150% since the beginning of the year and a remarkable 450%
over the past 12 months.
Informed sources recently
disclosed that TMG Holding is actively exploring the legal and technical
requirements for undertaking several projects in Iraq. These sources further
indicated that TMG will unveil the specific details of these projects once the
related executive procedures are initiated.
This announcement follows the
visit of Iraqi Prime Minister Mohammed Shia' al-Sudani to Egypt, leading a
substantial government delegation. During this visit, various areas of
cooperation were discussed, with a particular emphasis on the involvement of
Egyptian companies in Iraq's infrastructure development projects.
Talaat Moustafa Holding Group
(TMG) reported a substantial net profit of 6.36 billion Egyptian pounds during
the first half of 2024 (January to June), significantly surpassing the 1.55
billion Egyptian pounds earned in the same period of 2023.
Concurrently, TMG's revenues experienced a robust increase, reaching 17.02 billion Egyptian pounds in the first half of 2024, compared to 10.7 billion Egyptian pounds in the corresponding period of the previous year.
