Talaat Moustafa Group Holding (TMG) shareholders approve the board’s recommendations to disburse EGP 400 mn as cash dividends for 2022, Invest-Gate reports.

Talaat Moustafa Group board proposed a dividend distribution of EGP 0.19 be paid over two tranches on 31 May and 31 July 2023, respectively.

The shareholders’ approval came during the ordinary general meeting that was held on 20 March 2023.

In 2022, TMG achieved EGP 2.23bn in consolidated net profit after tax, a 25% growth from EGP 1.78 bn in 2021.

Meanwhile, the sales of the real estate developer hit EGP 33.2bn as of 31 December 2022.