
Egypt’s Talaat Moustafa Group said its full-year net profit fell 39 per cent last year when the real estate industry was thrown into turmoil by a popular uprising and disputes over land ownership. The decline was narrower than a 44 per cent drop in first-half earnings. TMG reported full-year profit of 577.5 million Egyptian pounds ($95.7 million), down from 940 million in 2010. Total sales for projects were around 3 billion pounds, down from 4 billion a year earlier. Revenue - including money received once clients take ownership of properties - slipped to 5.1 billion from 5.34 billion, the company said in a statement. TMG shares were down 2 per cent at 4.96 pounds by 0955 GMT on Wednesday, the biggest decliners on Egypt’s main index. Both revenue and net income were below the forecasts of some Cairo-based analysts, but they said they would wait for more detailed results before taking a considered view. “Still I think the results look positive,” said Monsef Morsy of Pharos, who has a ‘buy’ rating on TMG and was impressed with the revenue number given the company’s challenges last year. “It implies TMG was working quite well still in 2011. As for the bottom line, it’s not clear what led to the decline.
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:23 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 16:34 2018 Tuesday ,13 November
Amazon announces new headquarters in New York and WashingtonGMT 16:51 2018 Monday ,12 November
Egypt's exports to Nile basin countries reached EGP 19.9 bln in 2017: CAPMASGMT 08:11 2018 Friday ,09 November
Kaspersky Lab CEO suggests replacing cybersecurity with 'cyber-immunity'GMT 14:00 2018 Thursday ,08 November
Namibian enterprise endeavours to seize opportunities at China import expoMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor