Egypt-based property developer Talaat Moustafa Group Holding (TMG Holding) has recorded a 12.5% surge in its net profit to EGP 1.25 bn in the first nine months of 2018, up from EGP 1.1 bn in the year-ago period, Invest-Gate reports.

TMG Holding’s revenues soared to EGP 6.8 bn in the January-September period of the current year, a 21% YoY hike from EGP 5.6 bn in the same period last year, the company said in a bourse filing on November 13.

Back in October, the developer signed an agreement with state-run Telecom Egypt to apply and activate applications of smart cities and digital communities, as part of TMG Holding’s plan to develop its fully integrated real estate projects in accordance with global standards.

Under the deal, Telecom Egypt will equip TMG Holding with the latest applications in the information and communications technology as regards smart cities.