The Clap:
MM Group for Industry and International Trade (MTI) reported healthy growth in both net sales and net income for the three months ending in March.
Revenues:
MTI saw its top line grow 11.7% YoY to EGP 2.7 billion.
Gross profit:
Gross profit rose 44% YoY to EGP 401.7 million.
Operating profit:
The company’s net earnings before interest and tax totaled 262.2 million, recording a 58.1% YoY climb.
Net profit:
The firm saw its net income surge 63.2% YoY during the quarter to EGP 275.4 million.
MTI is planning a GCC expansion, with KSA entry slated this year:
Reports circulated last month that the company is looking to expand into the Saudi market in the second half of the year, with plans to sell electronic and home appliances through its Saudi venture company. MTI is also reportedly looking to enter the Emirati market in the future.
