Talaat Moustafa Group Holding (TMG) reported a 61% year-on-year increase in profits for the first half (H1) of 2017 due to higher revenues, according to a bourse filing on Monday.
The Egyptian firm’s profits came in at EGP 696.5 million in the six months ending June, up from EGP 432.13 million in the corresponding period of 2016, taking minority rights into consideration.
Revenues increased to EGP 3.2 billion in H1 2017 from EGP 2.9 billion in H1 2016.
Standalone profits rose to EGP 37.55 million in H1 2017 from EGP 16.8 million in H1 2016.
TMG had previously reported achieving profits of EGP 288.54 million in the three months ending March 2017, up 39% from EGP 207.8 million in the same period last year.
Consolidated revenues increased in the first quarter (Q1) of 2017 to EGP 1.28 billion from EGP 1.21 billion for Q1 2016, according to a bourse filing.
Standalone profits grew in Q1 2017 by 44% to EGP 16.9 million, versus EGP 11.7 million for Q1 2016.
Meanwhile, the company’s board decided to raise the company’s sales budget for 2017 by EGP 2 billion after achieving positive financial results for H1 2017, according to a bourse filing.
The sales budget of the company will be increased from EGP 9.4 billion to EGP 11.4 billion, TMG said.
Taalat Moustafa Group Holding and Saudi Arabia-based Kingdom Holding Company are implementing the expansion of the Four Seasons Resort Sharm El Sheikh at a value of EGP 7 billion, compared to an estimated cost of EGP 1.6 billion in 2016.
The resort’s expansion is expected to be completed by 2018, adding 800 hotel rooms to reach a capacity of 1,400 hotel rooms.