Egypt-based property developer Talaat Moustafa Group (TMG) Holding was named “The Top Real Estate Developer in Egypt for 2018,” during an honoring ceremony, organized by Amwal Al Ghad Magazine, that awarded top 100 companies operating in the Egyptian market, Invest-Gate reports.

CMO of TMG Holding Omar Abdel Rahman received the honoring award on behalf of the company from Minister of Public Business Sector Hisham Tawfik during the annual award event, which was held under the auspices of Prime Minister Mostafa Madbouly, according to an official statement on January 23.

“The rating criteria were determined this year through analysis of the data and financial indicators for all the registered companies in the Egyptian stock exchange market, in which companies had been classified according to revenues, net profit, and their market value relative weights, over a specific period of time, in order to encourage investors and businessmen to increase their investments in the Egyptian market and ensure the implementation of comprehensive development projects,” the statement read.

The classification of top 100 companies was a result of a poll conducted by Amwal Al Ghad economic institution, along with Shuaa Securities, a subsidiary of Egypt-based Shuaa Capital.

TMG Holding reported on January 2 that its overall sales jumped 62% YoY to EGP 21.3 bn at the end of December 2018 from EGP 13.1 bn in 2017, propelled by a significant rise in its residential unit sales. Also, residential unit sales had rocketed 93% YoY, reaching EGP 18.3 bn by the end of last year, compared to EGP 9.5 bn at the end of 2017, the company revealed in a previous bourse filing.