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MarketScreener Homepage  >  Equities  >  Egyptian Exchange  >  Talaat Mostafa Group Holding Company TMG Holding (S.A.E)    TMGH   EGS691S1C011

TALAAT MOSTAFA GROUP HOLDING COMPANY TMG HOLDING (S.A.E)

(TMGH)
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Egyptian real estate firms' profit hit by coronavirus crisis

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09/14/2020 | 12:08pm EDT

CAIRO, Sept 14 (Reuters) - Egypt's five biggest listed real estate firms reported a combined profit fall of nearly 31% in the second quarter of 2020 as property sales slowed during the coronavirus crisis.

But the sector could recover by the end of 2020 or during next year if Egypt can avoid a second wave of COVID-19 infections, three sector analysts told Reuters.

"The coronavirus has led to a slowdown in initial sales and delayed deliveries, which affected real estate developers further" Nemat Choucri, head of equity research and the real-estate sector team at HC Brokerage, said.

Talaat Mostafa, Palm Hills Developments, Sixth Of October Development and Investment (SODIC), Emaar Misr for Development and Madinet Nasr for Housing and Development fell to a combined profit of 1.018 billion Egyptian pounds ($65 million) in the second quarter from 1.47 billion pounds a year earlier, company results showed.

Emaar Misr was the only company whose second quarter profit increased, gaining nearly 13% to 365.7 million pounds.

Revenue of the five firms for the period were 4.795 billion pounds, down by 18.5% year-on-year, the data showed.

"Sales in Egypt declined by 30-40% in the first half of the year due to the impact of the coronavirus and customers' fears of buying," said Tarek Shoukry, head of the Real Estate Development Chamber at the Federation of Egyptian Industries.

SODIC, Egypt's third biggest enlisted real estate company, was the most affected as its profit fell around 77% to 40 million pounds in second quarter, after dropping nearly 83% in the first quarter. ($1 = 15.7600 Egyptian pounds) (Additional reporting by Ahmed Ismali; Writing by Mahmoud Mourad; Editing by Patrick Werr and Alexander Smith)


Stocks mentioned in the article
ChangeLast1st jan.
EMAAR MISR FOR DEVELOPMENT COMPANY (S.A.E.) -0.80% 2.47 End-of-day quote.-15.41%
HC GROUP INC. -4.76% 1 End-of-day quote.-56.90%
MADINET NASR FOR HOUSING & DEVELOPMENT S.A.E. 0.52% 3.87 End-of-day quote.-19.71%
PALM HILLS DEVELOPMENTS S.A.E. -0.99% 1.4 End-of-day quote.-19.91%
SIXTH OF OCTOBER FOR DEVELOPMENT AND INVESTMENT COMPANY "SODIC" (S.A.E.) -0.93% 12.75 End-of-day quote.-3.77%
TALAAT MOSTAFA GROUP HOLDING COMPANY TMG HOLDING (S.A.E) -1.34% 6.64 End-of-day quote.-18.73%
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Financials
Sales 2020 11 501 M 733 M 733 M
Net income 2020 1 685 M 107 M 107 M
Net Debt 2020 2 364 M 151 M 151 M
P/E ratio 2020 8,20x
Yield 2020 2,11%
Capitalization 13 888 M 885 M 885 M
EV / Sales 2020 1,41x
EV / Sales 2021 1,06x
Nbr of Employees -
Free-Float 40,5%
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Technical analysis trends TALAAT MOSTAFA GROUP HOLDING COMPANY TMG HOLDING (S.A.E)
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 6
Average target price 12,56 EGP
Last Close Price 6,64 EGP
Spread / Highest target 171%
Spread / Average Target 89,2%
Spread / Lowest Target 44,6%
EPS Revisions
Managers
NameTitle
Hisham Talaat Mostafa Chief Executive Officer, Executive Director & MD
Tarek Talaat Moustafa Chairman
Mohamed Atef Vice President-Technical Affairs
Yehia Mohammed Awad bin Laden Non-Executive Director
Hani Salah Sarie El-Din Independent Non-Executive Director