Egypt’s Talaat Moustafa first-half profits rise 11%

Talaat Moustafa Group, Egypt’s largest listed property developer, reported on Wednesday a 11 percent year-on-year growth in profits in the first half of the year.

Profits recorded 812.34 million Egyptian pounds ($49.1 million) at the end of June this year from 731.7 million pounds in the same period last year.

Revenues rose to 4.9 billion pounds against 3.9 billion pounds during the same period in 2018.

The company made first-half standalone profits worth 56.25 million pounds, up from 18.06 million pounds last year.