Egypt's Talaat Moustafa group Q2 profit up 5%
Complex Made Simple

Egypt's Talaat Moustafa group Q2 profit up 5%

Egypt's Talaat Moustafa group Q2 profit  up 5%

Egypt's biggest listed property developer, Talaat Moustafa Group has registered a 5% increase in second-quarter net profit to EGP338m ($60m), but said that home sales declined compared to the first quarter after a court ruled against one of its land deals, Reuters has reported. An Egyptian court ruled in June that a government body broke the law when it sold land for the company's main project directly to a Talaat Moustafa unit instead of opening it up to bidding, which analysts have said could hurt sales in the development. "I think the case had an impact on sales of their flagship project Madinaty. The sales will continue to be affected until a resolution is found for the case," Naeem Holding analyst Hisham Halaldeen said.

    Author
    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

    © 2021, ADigitalcom. All rights reserved