Egyptian property developer Talaat Moustafa Group reported on Wednesday a 20 percent year-on-year growth in consolidated revenues for the financial year ended in December 2020.
Revenues reached 14.1 billion Egyptian pounds ($900 million) at the end of December 2020, compared with 11.74 billion pounds in 2019.
In a bourse filling, the company attributed the growth in revenue to the 4 billion-pound deal resulted from the strategic alliance with the National Bank of Egypt (NBE) and Banque Misr for the development of 341,000 square metres in Rehab and Madinaty cities.
This partly offset the fall in revenues generated from hospitality activity due to the COVID-19 pandemic.
Consolidated net profit, including minority shareholders’ rights, dropped 11 percent year-on-year to 1.67 billion pounds in 2020 from 1.87 billion pounds in 2019, the unaudited financial results showed.