MTI’s consolidated profits jump 100.5% YoY in 2023

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MM Group for Industry and International Trade (MTI) reported a 100.5% year-on-year (YoY) increase in consolidated net profits after tax and non-controlling interest in 2023, registering EGP 687.077 million, compared to EGP 342.681 million, the firm disclosed.

Consolidated net sales grew to EGP 10.357 billion last year from EGP 6.902 billion the year before.

The firm’s standalone net profits after tax climbed to EGP 631.268 million in 2023, up from EGP 332.646 million in 2022.

Meanwhile, standalone net sales rose to EGP 7.884 billion from EGP 5.591 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.