Thursday 21 Nov
Talaat Moustafa Holding Company (TMG) has reported a significant increase in profits, recording 9.06 billion Egyptian pounds in the first nine months of this year, compared to the previous year.
The Group's financial statements reveal that this increase, achieved in the nine months ending in September, surpasses the profits of the same period in the previous year, which amounted to 2.69 billion Egyptian pounds.
The financial statements indicate
that the Group's total real estate activity profit reached 4.33 billion
Egyptian pounds in the first nine months of this year, compared to 3.66 billion
Egyptian pounds in the same period last year. Meanwhile, the hotel activity
profit surged to 4.72 billion Egyptian pounds, significantly higher than the
1.21 billion Egyptian pounds recorded in the same period of 2023.
On a standalone basis, TMG
recorded profits of 326 million Egyptian pounds for the same period, compared
to 228 million Egyptian pounds in the first nine months of 2023. Total revenue
amounted to 408 million Egyptian pounds for the first nine months of 2024,
compared to 280.5 million Egyptian pounds for the same period in 2023.
The consolidated financial statements highlight a remarkable 308% growth in profits in the first half of 2024, reaching 6.36 billion Egyptian pounds, compared to 1.55 billion Egyptian pounds in the first half of 2023. Revenues also surged, amounting to 17.02 billion Egyptian pounds, compared to 10.7 billion Egyptian pounds in the first half of the previous fiscal year, representing a 59% increase.
