Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) registered combined profits of EGP 1.67 billion in 2020, decreases by 11% year-on-year (YoY) from EGP 1.87 billion, containing minority shareholders’ rights, the unaudited financial results provided.
The gain raised to EGP 14.09 billion in the previous year, in comparison to EGP 11.74 billion in 2019, the company provided in a bourse disclosure on Wednesday.
The rise in profit was ascribed to the EGP 4 billion transactions resulted from the strategic alliance with the National Bank of Egypt (NBE) and Banque Misr for the development of 341,000 square meters un Rihab and Madinaty.
This part of the way counterbalanced the drop in incomes created from the hospitality activity because of the pandemic.
As for standalone business, the company registered EGP 487.06 million in total profits in 2020, up from EGP 471.13 million a year before.
The board of directors provided a cash dividend distribution of EGP 300 million or EGP 0.145 per share for 2020’s gaining.
In the first nine months of 2020, Tallat Moustafa Group registered the total gain of EGP 1.569 billion, up from EGP 1.312 billion in the corresponding period a year before.