Egypt’s Talaat Moustafa net profit after tax falls 13% in H1

Egypt’s Talaat Moustafa Group (TMG) Holding posted a 13 percent year-on-year drop in net profit after tax during the first half of this year, the property developer said in a bourse filling on Tuesday.

Net profit recorded 705 million Egyptian pounds ($44.2 million) against 812 million pounds during the first half of 2019.

Meanwhile, the company’s made first-half standalone net profit climbed 22.5 percent to 69 million pounds from around 56 million pounds during the same period last year.

The company made real estate sales worth about 4.452 billion pounds during the first half of the current year.

As for revenues, they fell seven percent to around 4.582 billion pounds versus 4.942 billion pounds during the first half of 2019, mainly due to a decline in the hotels’ revenues amid the coronavirus outbreak.