By: Abdullah Bedeir
Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) is looking to build social housing units in collaboration with the Egyptian government, the company’s CEO told reporters on Monday.
The Egypt-based property developer has discussed the project with the Egyptian housing ministry in a meeting five days ago with the presence of representatives from the World Bank, Hisham Talaat Mostafa stated on the sidelines of Cityscape Egypt 2019.
The CEO highlighted that it has not been agreed on the units’ form of implementation yet.
It is worth noting that TMG Holding has logged EGP 4.1 billion in sales since the beginning of 2019, aiming to raise its sales by 12.6% year-on-year.
In February, TMG Holding reported an EGP 1.77 billion in consolidated profits for fiscal year ended 31 December 2018, versus EGP 1.32 billion in 2017.
The company’s revenues rose to EGP 10.9 billion last year, versus EGP 8.53 billion a year earlier.
Moreover, the company’s management had proposed a cash dividend of EGP 365 million or EGP 0.17 per share for 2018.
Translated by: Mai Ezz El-Din
