{"id":566287,"date":"2021-06-09T13:49:03","date_gmt":"2021-06-09T13:49:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/tmg-says-its-not-doing-another-jv-with-banks-abuk-net-income-up\/"},"modified":"2021-06-09T13:49:03","modified_gmt":"2021-06-09T13:49:03","slug":"tmg-says-its-not-doing-another-jv-with-banks-abuk-net-income-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/tmg-says-its-not-doing-another-jv-with-banks-abuk-net-income-up\/","title":{"rendered":"TMG says it\u2019s not doing another JV with banks + ABUK net income up"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>FACT CHECK- Talaat Moustafa Group (TMG) says it hasn\u2019t established a new real estate joint venture, dubbed Rawasi, with the National Bank of Egypt and Banque Misr<\/strong>, according to an <a href=\"https:\/\/ent.news\/2021\/6\/TMG-Rawasi.pdf\">EGX disclosure (pdf)<\/a>. We picked up news in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8107bc2-e6df-42b0-abb7-457eade5a16c\">yesterday\u2019s<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8107bc2-e6df-42b0-abb7-457eade5a16c\">AM edition<\/a> from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8107bc2-e6df-42b0-abb7-457eade5a16c\">Masrawy<\/a> that TMG had set up a new company with the two state-owned banks. TMG and NBE were unavailable for a comment as of dispatch time when reached out. The Masrawy report cited a discussion with NBE Deputy Chairman Yehia Abou El-Fotouh<sup><\/sup>.<\/p>\n<p><strong>EARNINGS WATCH- Abu Qir Fertilizers\u2019 net income rose 14.5% to EGP 2.44 bn <\/strong><strong>during the first nine months of its fiscal year,<\/strong> up from EGP 2.13 bn in the same period the year before, according to <a href=\"https:\/\/ent.news\/2021\/6\/ABUK-31-03-2021-EN.pdf\">its latest financials (pdf)<\/a>. Sales increased during the nine-month period to just over EGP 6.3 bn from EGP 5.8 bn in 9M2019-2020. The company\u2019s ongoing fiscal year began on 1 July 2020 and ends on 30 June this year.<\/p>\n<p><strong>Abu Qir made it onto Egypt\u2019s benchmark EGX30 index<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/055aeba0-de62-4a61-a8d1-ade902737b05\">earlier this year<\/a> after the bourse completed a rebalancing of the gauge under new inclusion criteria.<\/p>\n<hr class=\"grey-line\">\n<p><strong>The EGX30 rose 0.8% at today\u2019s close<\/strong> on turnover of EGP 1.38 bn (5.8% above the 90-day average). Regional investors were net sellers. The index is down 7.4% YTD.<\/p>\n<p><strong>In the green: <\/strong>Edita (+6.0%), Sidi Kerir (+5.8%) and Orascom Financial Holding (+4.5%).<\/p>\n<p><strong>In the red: <\/strong>Telecom Egypt (-2.3%), Oriental Weavers (-1.5%) and TMG Holding (-1.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FACT CHECK- Talaat Moustafa Group (TMG) says it hasn\u2019t established a new real estate joint venture, dubbed Rawasi, with the National Bank of Egypt and Banque Misr, according to an EGX disclosure (pdf). We picked up news in yesterday\u2019sAM edition from Masrawy that TMG had set up a new company with the two state-owned banks. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7219],"tags":[548,409,633,99,642,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566287","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-abu-qir-fertilizers","tag-earnings-watch","tag-enterprisepm","tag-fertilizers","tag-go-with-the-flow","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"f9d3e971-76d6-4476-8ae5-ef8afcc9279b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[566279],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TMG says it\u2019s not doing another JV with banks + ABUK net income up - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/tmg-says-its-not-doing-another-jv-with-banks-abuk-net-income-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TMG says it\u2019s not doing another JV with banks + ABUK net income up\" \/>\n<meta property=\"og:description\" content=\"FACT CHECK- Talaat Moustafa Group (TMG) says it hasn\u2019t established a new real estate joint venture, dubbed Rawasi, with the National Bank of Egypt and Banque Misr, according to an EGX disclosure (pdf). We picked up news in yesterday\u2019sAM edition from Masrawy that TMG had set up a new company with the two state-owned banks. 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We picked up news in yesterday\u2019sAM edition from Masrawy that TMG had set up a new company with the two state-owned banks. 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The company\u2019s net income in FY 2021-2022 came in at EGP 9.05\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":579693,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/14\/its-earnings-season-credit-agricole-adib-telecom-egypt-abu-qir-amoc-tmg\/","url_meta":{"origin":566287,"position":1},"title":"It\u2019s earnings season: Credit Agricole, ADIB, Telecom Egypt, Abu Qir, AMOC, TMG","author":"enterpriseam admin","date":"14 November 2022","format":false,"excerpt":"EARNINGS WATCH-Credit Agricole Egypt\u2019s net income after tax rose 37.4% y-o-y in 9M 2022 to EGP 1.6 bn, according to its financial statement(pdf). The bank\u2019s net interest income rose 15% y-o-y to EGP 4.4 bn during the period.Abu Dhabi Islamic Bank Egypt\u2019s (ADIB) net income rose 49% to EGP 1.5\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545142,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/earnings-watch-tmg-holding-aspire-capital\/","url_meta":{"origin":566287,"position":2},"title":"Earnings watch: TMG Holding, Aspire Capital","author":"enterpriseam admin","date":"7 March 2022","format":false,"excerpt":"EARNINGS WATCH- TMG Holding\u2019s bottom line rose 8% y-o-y in 2021 to EGP 1.78 bn, the company said in its financials (pdf). Revenues rose 9% y-o-y in 2021 to EGP 15.35 bn. Aspire Capital's bottom line decreased around 43% y-o-y to EGP 578 mn in 2021, according to the company\u2019s\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":684170,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/03\/what-the-markets-are-doing-on-3-march-2026\/","url_meta":{"origin":566287,"position":3},"title":"What the markets are doing on 3 March 2026","author":"enterpriseam admin","date":"3 March 2026","format":false,"excerpt":"The EGX30 fell 2.0% at today\u2019s close on turnover of EGP 6.5 bn (2.8% above the 90-day average). International investors were the sole net sellers. 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The index is up 59.4% YTD.In the green: TMG Holding (+9.3%), Heliopolis Housing (+6.1%) and Palm Hills Development (+5.6%).In the red: Mopco (-6.0%), Abu Qir Fertilizers (-4.4%)\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":609012,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/29\/what-the-markets-are-doing-on-29-october-2023\/","url_meta":{"origin":566287,"position":5},"title":"What the markets are doing on 29 October 2023","author":"enterpriseam admin","date":"29 October 2023","format":false,"excerpt":"The EGX30 fell 0.8% at today\u2019s close on turnover of EGP 4.8 bn (106.9% above the 90-day average). Local investors were net buyers. The index is up 58.1% YTD.In the green: Beltone Holding (+15.8%), GB Corp (+7.7%) and Heliopolis Housing (+6.%).In the red: Abu Qir Fertilizers (-6.5%), TMG Holding (-5.5%)\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=566287"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566287\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566279"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566287"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566287"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}