Cairo – Mubasher: The financial indicators of Talaat Moustafa Group Holding (TMG Holding) have shown a 12% year-on-year increase in consolidated profits for the first quarter of 2018 due to a growth in revenues.
Net profit stood at EGP 340.6 million in the three-month period ended last March, versus EGP 305.2 million in profits for Q1-17, the property developer said in a filing to the Egyptian Exchange (EGX) on Monday.
Revenues grew to EGP 1.6 billion in Q1-18, from EGP 1.2 billion in the corresponding period last year.
Meanwhile, standalone profits declined to EGP 10.6 million in the January-March period of 2018, from EGP 16.9 million in Q1-17.
The Egyptian real estate firm had previously posted a net profit of EGP 1.38 billion for the full-year ended December 2017, against EGP 828.9 million in profits for 2016, including minority shareholders’ rights.
TMG Holding’s capital amounts to EGP 20.6 billion distributed over 2.06 billion shares at a par value of EGP 10 per share.
The board of the company had proposed the distribution of EGP 350.8 million cash dividends for 2017.
