Real estate in Egypt - File Photo
CAIRO – 2 November 2017: Real estate developer Talaat Mostafa Group (TMG) achieved a 72 percent leap in net profit in nine months, registering LE 1.06 billion ($60 million).
In a Thursday statement to the Egyptian Exchange, the company said that the figure is compared to LE 616.4 million posted in the first nine months of 2016.
Meanwhile, revenues hiked to LE 5.62 billion from LE 3.93 billion in the same period last year.
Business tycoon Hisham Talaat Moustafa was reappointed CEO of TMG in June, after spending 17 years in prison, 15 of which were due to charges of inciting the murder of his lover, Lebanese signer Suzanne Tamim in 2008.
In August, Saudi Prince Al-Waleed Bin Talal pledged new investments in the hotel sector, in a cooperation deal with Talaat Mostafa Group (TMG), which carries a total investment volume that exceeds $800 million.
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