Cairo – Mubasher: Talaat Moustafa Group Holding Company (TMG Holding) achieved consolidated net profits after tax worth EGP 1.55 billion in the first half (H1) of 2023, compared with EGP 1.08 billion in H1-22.
TMG registered real estate development revenue worth EGP 7.40 billion during January-June 2023, a surge from EGP 5.05 billion in the corresponding period a year earlier, according to the income statement.
As of 30 June 2023, the total consolidated assets of the listed firm stood at EGP 187.37 billion, compared to EGP 163.37 billion as of 31 December 2022.
During the second quarter (Q2) of 2023, the real estate developer generated EGP 858.75 million in consolidated net profit after tax, higher than EGP 532.43 million in Q2-22.
The revenues soared to EGP 4.53 billion during April-June 2023 from EGP 2.97 billion in the same period last year.
Non-Consolidated Business
The standalone income statement of TMG indicated a net profit after tax worth EGP 175.25 million in H1-23, higher than EGP 173.68 million in H1-22.
The earnings per share (EPS) went up to EGP 0.082 in H1-23 when compared to EGP 0.081 in H1-22.
TMG recorded total revenues of EGP 219.02 million during the January-June 2023 period, which came higher than EGP 198.42 million in the corresponding six months (6M) a year earlier.
In Q2-23, the company achieved net profits worth EGP 42.94 million, compared to EGP 42.07 million in Q2-22.
The EPS remained unchanged at EGP 0.02 during April-June 2023 on an annual basis.
Total revenues, meanwhile, decreased to EGP 57.28 million in Q2-23 from EGP 64.95 million in Q2-22.
The total standalone assets of TMG amounted to EGP 22.36 billion as of 30 June 2023, up from EGP 22.40 billion at the end of December 2022.
It is worth noting that in Q1-23, the consolidated net profits of the holding group reached EGP 700.13 million, while the separate income statement showed EGP 132.31 million worth of net profits.
