MTI’s consolidated profits climb 201.7% YoY in Q1
Updated 5/30/2023 6:41:00 AM
Arab Finance: MM Group for Industry and International Trade (MTI) has posted a 201.7% year-on-year (YoY) increase in consolidated net profits during the first quarter (Q1) of 2023, recording EGP 153 million from EGP 51 million, according to the company’s earnings release sent to Arab Finance on May 29th.
Consolidated revenues rose by 27.6% to EGP 2.5 billion in Q1 2023 from EGP 1.9 billion in Q1 2022.
Standalone net profits surged by 177.4% to EGP 147 million in the three-month period ended March 31st from EGP 53 million in the same period a year earlier.
MTI is one of the leading distribution companies by geographic coverage in Egypt, with access to more than 40,000 points of sale.
The Egyptian joint stock Company operates in a wide range of businesses, including consumer electronics, telecommunication, automotive, seamless pipes, and tractors through partnerships with leading global brands including Samsung, Vodafone, Huawei, Range Rover, Jaguar, Maserati, Bentley, Carrier and Bosch.
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