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TMG reports 13% profit decrease

TMG reports 13% profit decrease

ArabFinance: Talaat Moustafa Group (TMG) Holding (TMGH) posted a 13% Year on Year (YoY) decrease in its consolidated net profit in the first half (H1) of 2020, according to the company’s July 28th financial statements filed to the Egyptian Exchange.

Consolidated net profit stood at EGP 705,853,178 in H1 2020, compared to EGP 812,346,104 posted in H1 2019.

The company attributed the decline to a 7% YoY fall in revenues to EGP 4.58 billion in the first half ended June 30th. 

However, standalone net profit reached EGP 68,918,402 in H1 2020, a 22.5% increase from EGP 56,258,177 achieved in H1 2019.  

TMG distributed an annual cash dividend of EGP 0.088 per share to the shareholders recorded on May 11th.

The company said the cash dividend will be paid in two equal installments of EGP 0.044 per share on May 14th and July 15th.

TMG Holding is an Egypt-based company engaged in real estate investment activities. The company establishes and develops hotels, and touristic and residential projects in Egypt.



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