Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) on Monday announced it has achieved sales of EGP 3.2 billion in the first two months of 2019, soaring 114% from EGP 1.5 billion in the year-ago period.
Robust sales were mainly driven by solid sales of Celia project, the Cairo-based real estate developer said in a statement to the Egyptian Exchange (EGX).
February’s sales are key indicators of the estimated annual sales of EGP 24 billion, the real estate firm stressed.
In February, TMG Holding revealed it targets an annual sale growth of 12.6% in 2019.
The company aims to achieve sales of EGP 24 billion this year, versus sales of EGP 21.3 billion in 2018.
TMG Holding previously 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 EGX.
Revenues grew to EGP 10.9 billion last year, versus EGP 8.53 billion a year earlier, the company added.
Moreover, the company’s management proposed a cash dividend of EGP 365 million or EGP 0.17 per share for 2018.
