Cairo – Mubasher: Pharos Research has reiterated their ‘Overweight’ recommendation of Talaat Moustafa Group Holding (TMG Holding) based on a fair value (FV) of EGP 17.90 per share.
The FV was mainly driven by the company’s Madinaty-based commercial portfolio, accounting for 71.1% of Pharos' total valuation, according to a recent report.
Earlier this day, TMG Holding reported a 28% year-on-year surge in consolidated profits for 2018.
Net profit amounted to EGP 1.77 billion in 2018, versus EGP 1.32 billion in 2017, including minority shareholders’ rights, the property developer said in a filing to the Egyptian Exchange (EGX).
Revenues grew to EGP 10.9 billion last year, versus EGP 8.53 billion a year earlier, the company added.
In the same vein, the company’s management proposed a cash dividend of EGP 365 million or EGP 0.17 per share for 2018, TMG Holding said in a separate statement.
The EGX real estate company also said it aims to achieve sales of EGP 24 billion this year, versus sales of EGP 21.3 billion in 2018.
