Talaat Moustafa Group Holding (TMG Holding) reported a 16.7% year-on-year growth in its consolidated profits during the first quarter of 2019.
The Cairo-based property developer’s net profits amounted to EGP 361.2 million in the three-month period ended 31 March, compared to EGP 309.35 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Meanwhile, revenues recorded EGP 2.24 billion in Q1-19 from EGP 1.61 billion in Q1-18, the Egyptian real estate giant said.
As for standalone business, TMG Holding’s net profits surged to EGP 31.53 million in the January-March period of this year, compared to EGP 10.63 million in the same period a year earlier.
For the full-year 2018, the property developer’s profits logged EGP 1.77 billion versus EGP 1.32 billion in the previous year, including minority shareholders’ rights.