Talaat Moustafa Group Holding (TMG) shareholders approved TMG’s board recommendation to disburse EGP 400m as cash dividends for 2022.
Talaat Moustafa Group board proposed a dividend distribution of EGP 0.19 be paid over two tranches on 31 May and 31 July 2023, respectively, according to the company’s filing to the Egyptian Exchange (EGX).
The shareholders’ approval came during the ordinary general meeting that was held on 20 March 2023.
Last year, TMG achieved EGP 2.23bn in consolidated net profit after tax, a 25% growth from EGP 1.78bn in 2021.
Meanwhile, the sales of the real estate developer hit EGP 33.2bn as of 31 December 2022.