Egypt’s Talaat Moustafa profits 9.9% up in nine months

Talaat Moustafa Group, Egypt’s largest listed property developer, reported on Sunday a 9.9 percent year-on-year increase in profits during the first nine months of this year, according to Mubasher.

Profits stood at 1.37 billion Egyptian pounds ($85.1 million), up from 1.24 billion during the first nine months of 2018.

Nine-month revenues also increased to 5.1 billion pounds against 4.74 billion pounds during the same period last year.

As for standalone profits, they grew to 71.26 million pounds versus 22.7 million during the first nine months of 2018.

During the first quarter of 2019, the company’s profits rose 10.01 percent to 374.7 million pounds from 340.6 million during the same period last year.

In 2018, the company reached profits of 1.77 billion pounds, compared with 1.32 billion pounds in 2017.