Talaat Moustafa Holding Group (TMG Holding) announced a significant surge in net profit for the first half of the year, with a 310% year-on-year increase. According to the company's consolidated financial statements released on Tuesday, revenues climbed substantially, reaching EGP 17 billion.
The net profit reached EGP 6.36 billion during the period from January to June 2024, compared to EGP 1.55 billion in the same period of 2023. The group disclosed this information in a statement to the Egyptian Stock Exchange.
The company's revenues also experienced significant growth, surging from EGP 10.7 billion in the first half of 2023 to EGP 17.02 billion in the corresponding period of 2024. At the standalone business level, profits after tax increased to EGP 263.69 million from EGP 175.25 million in the same period last year.
Talaat Moustafa Holding Group reported profits of EGP 4.13 billion in the first quarter of 2024, a substantial increase compared to the EGP 700.13 million profit recorded in the same period of 2023, after accounting for minority interests.
The company's revenue grew to EGP 6.79 billion in the first quarter of 2024, up from EGP 4.43 billion in the same period of 2023.
Standalone business profits reached approximately EGP 206.84 million in the first quarter of 2024, compared to EGP 132.31 million in the same period last year.
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