Talaat Mostafa Holding Group (TMG Holding) reported a staggering 310% year-on-year increase in net profit for the first half of 2024, the company disclosed in an Egyptian Exchange statement.

Their consolidated financial statements, released on Tuesday, show that revenues rose significantly to EGP 17 billion, with net profit soaring to EGP 6.36 billion from EGP 1.55 billion recorded in the first half of 2023.

Revenue also grew substantially from EGP 10.7 billion in H1 2023 to EGP 17.02 billion over the same period.

Standalone business profits after tax increased to EGP 263.69 million in the January – June period, up from EGP 175.25 million last year.

For the first quarter of 2024, TMG's profits reached EGP 4.13 billion, a notable rise from EGP 700.13 million in the first quarter of 2023, with revenue climbing to EGP 6.79 billion from EGP 4.43 billion.

Standalone business profits in Q1 2024 were approximately EGP 206.84 million, compared to EGP 132.31 million the previous year.