Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) on Wednesday reported that its real estate sales hiked by 62% year-on-year at the end of 2018.
Sales amounted to EGP 21.3 billion at the end of last December, versus EGP 13.1 billion in 2017, TMG Holding said in a statement to the Egyptian Exchange (EGX).
The leading property developer has delivered around 90,000 units since it began its business in Egypt and the Middle East, according to the statement.
The Egyptian real estate firm has sold residential units at a value of EGP 18.3 billion in 2018, versus EGP 9.5 billion in the prior year.
The surge in 2018 sales was mainly driven by an estimated revenue of EGP 12 billion from Celia New Capital, launched last June.
Meanwhile, sales of the commercial and administrative units stood at nearly EGP 2.9 billion.
TMG Holding last reported a 13% year-on-year increase in consolidated profits for the first nine months of 2018.
Net profit reached EGP 1.18 billion in the nine-month period ended September, versus EGP 1.05 billion in profits for the year-ago period.
Revenues rose to EGP 6.8 billion at the end of September, versus EGP 5.9 billion in the same period last year.
