Talaat Moustafa Group achieves 310 percent increase in net profit for H1 of 2024
Date
8/15/2024 9:01:45 AM
(MENAFN) Talaat Moustafa Group Holding has announced a remarkable 310 percent increase in net profits for the first half of 2024 compared to the same period last year. According to a statement released to the Egyptian Stock Exchange, the company achieved a net profit of EGP 6.36 billion (approximately USD130 million) from January to June 2024, a significant rise from EGP 1.55 billion in the first half of 2023. This impressive growth reflects a 60 percent boost in revenues, which climbed to EGP 17 billion this year from EGP 11 billion during the same period in 2023.
The company's independent business operations also demonstrated robust performance, with after-tax profits reaching EGP 263.69 million in the first half of 2024, up from EGP 175.25 million in the first half of 2023. In the first quarter of 2024 alone, Talaat Moustafa Group recorded revenues of EGP 6.8 billion, a notable increase from EGP 4.4 billion in the corresponding quarter of the previous year. Independent profits for this quarter amounted to EGP 207 million, compared to EGP 132 million in the first quarter of 2023.
For the period from January to March 2024, the company reported substantial profits of EGP 4.13 billion, significantly higher than EGP 700 million recorded during the same timeframe in 2023, when accounting for minority interests. This surge in profitability underscores Talaat Moustafa Group's strong financial performance and growth trajectory in the current fiscal year.
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