Leading real estate provider Talaat Mostafa Group Holding (TMGH) declared an 8.9% increase in net profits for the first nine months of 2015, standing at EGP 531.4m.
The figure compares to EGP 487.9m that were generated in profits in the same period last year.
The group’s sales for the first nine months of the current year have reached around EGP 5.177bn, exceeding the group’s objective of reaching EGP 4.68bn in sales; the group said in a statement.
TMGH operates in the real estate, hotels and resorts businesses. The group has developed residential complexes in Cairo, such as Al-Rehab City, Madinaty amongst other compounds in the east and west of Cairo, as well as in 6th of October City in Giza.
Further, the group has developed luxury hotels in the country, including the Four Seasons in Nile Plaza, San Stefano and Sharm El-Sheikh, with the three being managed by the international Four Seasons’ chain. Kempinski Nile Hotel in Cairo was also developed by the group.
TMGH owns a land bank of 50m sqm and the group became a joint stock Egyptian company in 2007.