Egypt’s Talaat Moustafa profits rises 5% in Q2

Egypt’s property developer Talaat Moustafa Group Holding (TMG) on Tuesday reported a 4.6 percent increase in its second quarter profits to 271 million pounds from 258.5 million last year.

Profits rose 11 percent to 774.21 million pounds during the first half of this year, compared with 696.54 million pounds during the same period in 2017, the company said in a bourse filling.

At the end of June, revenues grew 19 percent to 3.96 billion pounds, versus 3.33 billion pounds during the same period last year.

Standalone profits fell 52 percent to 18.06 million pounds in the first half of the current year, against 37.55 million pounds in 2017.