TMG’s profits register EGP 1bn in 1H 2022

Daily News Egypt
2 Min Read

The consolidated profits of the Talaat Moustafa Group (TMG) increased by 29% during the first half (1H) of this year to reach EGP 1.09bn, compared to a net profit of EGP 856.6m in the comparative half last year.

Revenues grew during the six-month period to reach EGP 7.09bn compared to EGP 5.49bn in the corresponding period.

TMG achieved real estate sales worth EGP 11.3bn during 1H 2022, compared to EGP 21bn during the same period last year.

The increase in the comparative period from 2021 was mainly attributed to the sales resulting from the opening of the sale in the Noor project on 8 June 2021.

The Noor project achieved sales of more than EGP 15bn within three weeks until the end of June 2021.

The balance of actual and undelivered sales rose to EGP 67bn compared to EGP 63bn during the same period last year. The increase resulted from continuing to develop the group’s sales strategy, which provides a clear view of future cash flows and profits.

Gross profit rose to EGP 2.33bn during the first half of 2022, compared to EGP 1.85bn in the comparable period.

Earnings per share were EGP 0.08 compared to EGP 0.03 in the corresponding period last year.

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