MTI’s consolidated profits rise 119.5% YoY in 9 months
Updated 11/16/2023 8:09:00 AM
Arab Finance: MM Group for Industry and International Trade (MTI) reported a 119.5% year-on-year (YoY) increase in consolidated net profits after tax and non-controlling interest in the first nine months of 2023 to EGP 473.907 million from EGP 215.872 million, according to a filing on November 15th.
Consolidated net sales grew to EGP 7.991 billion in the nine-month period from EGP 5.087 billion in the same year-ago period.
The firm’s standalone net profits went up to EGP 451.189 million in the nine months to September 30th from EGP 212.574 million in the same period a year earlier.
Meanwhile, standalone net sales rose to EGP 6.018 billion from EGP 4.16 billion.
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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