MTI’s consolidated profits plummet 60.1% YoY in Q1
Updated 5/29/2022 12:53:00 PM
Arab Finance: MM Group for Industry and International Trade (MTI) (MTIE) has posted a 60.12% year-on-year (YoY) decline in consolidated profits attributable to the parent company during the first quarter (Q1) of 2022, recording EGP 50.753 million from EGP 127.27 million, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on May 29th.
Consolidated net sales plunged to EGP 1.941 billion in Q1 2022 from EGP 2.516 billion in Q1 2021.
Standalone profits dropped to EGP 52.876 million in the three-month period ended March 31st from EGP 116.695 million in the same period a year earlier, the standalone financial statement showed.
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.
