Talaat Moustafa Group Holding (TMG Holding) posted a 100% year-on-year increase in sales, recording its highest level since 2008, according to a press release to the Egyptian Exchange on Monday.
Sales have exceeded the company’s targeted annual budget to EGP 13.1bn at the end of December 2017, up from EGP 6.55bn in December 2016, TMG Holding highlighted in its presser.
The Egyptian real estate company has sold about EGP 3.63bn of commercial and administrative units in 2017, confirming the firm’s ability to benefit from residential units delivery over the past period, the company pointed out.
Earlier last month, the company posted sales of EGP 7.11bn for the period starting 1 July to 28 November.
The company’s total sales since 1 January to 28 November amounted to EGP 12.02bn, smashing expectations of the group’s modified annual budget of EGP 11.4bn, the company added in a statement to the Egyptian Exchange (EGX).
In the first half of 2017, sales soared 145% to EGP 4.91bn, compared to the period starting 1 July to 28 November, TMG Holding highlighted.
The company attributed this growth in sales to the new policies adopted by the group since 1 July.
Sales were forecasted to reach EGP 13bn by the end of 2017 and to maintain hiking in 2018, according to the statement.
TMG Holding had previously posted a 118% rise in third-quarter profits to EGP 410.8m, compared to profits of EGP 188m in Q3 2016.
In the first nine months of 2017, sales surged by 72.7% to EGP 9.5bn from EGP 55bn in the year-ago period.