MM Group’s consolidated profits fall 35.4% YoY in 9 months
Updated 11/14/2022 11:41:00 AM
Arab Finance: MM Group for Industry and International Trade (MTI) (MTIE) posted a 35.47% year-on-year (YoY) decline in consolidated profits attributable to the parent company during the first nine months of 2022, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on November 14th.
Consolidated net profit after minority interest amounted to EGP 215.87 million in the nine-month period ended September 30th, compared to EGP 328.39 million in the year-ago period.
The company recorded consolidated net sales of EGP 5.08 billion in the January-September of 2022, compared to EGP 7.07 billion in the comparative period of 2021.
Meanwhile, the company’s standalone profit after tax dropped to EGP 212.57 million in the first nine months of 2022 from EGP 305.66 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.
