Egyptian real estate developer Talaat Moustafa Group (TMG) Holding announced a rise of 11% in its net profits in the first half (H1) of 2018, Invest-Gate reports.

TMG’s net profits accelerated 11% to EGP 774.21 mn during H1 2018, versus EGP 696.54 mn during the same period in 2017, the company said in a bourse filing.

Revenues increased by 19% to EGP 3.96 bn in H1 2018, compared to EGP 3.33 bn in the prior year, the filing added.

TMG reported that its gross profit soared by 30% to EGP 1.58 bn in H1 2018, against EGP 1.2 bn in H1 2017.

Meanwhile, standalone profits declined 52% to EGP 18.06 mn in H1 of the current year, versus EGP 37.55 mn in H1 2017.