Talaat Moustafa posts 16.7% slump in 2009 profit

28 Feb 2010

(MENAFN) Egypt’s biggest developer by market value, Talaat Moustafa Group (TMG), posted $219 million net profit last year, marking a 16.7 percent decline over a year earlier, Reuters reported.

TMG’s full year revenue was $874 million. The Cairo-based firm said that it plans to launch its first project in Saudi Arabia within the coming three months in order to tap the country’s young, wealthy buyers.

The company’s Finance Director, Jihad Sawaftah, said that TMG wants 40 percent of its real estate sales to come from Saudi Arabia by 2014, and is steering towards the hotel business in a bid to diversify away from Egyptian home sales.

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