Egypt’s largest distribution network, MM Group for Industry and International Trade S.A.E (MTI), has announced its standalone and consolidated results for the period ending June 30.
Information revealed in the report indicated that the company’s consolidated revenues* in H1 2021 increased by 11.4 percent year-on-year (YoY) to reach EGP 4.8 billion ($312.01 million), compared to EGP 4.3 billion ($273.80 million) in the same period of 2020.
Meanwhile, standalone revenues in the reviewed period increased by 7.8 percent YoY to EGP 3.9 billion ($248.33 million), compared to EGP 3.6 billion ($229.23 million) last year.
Furthermore, consolidated gross profit in H1 2021 increased by 10.2 percent YoY to EGP 539 million ($34.32 million) compared to last year’s EGP 489 million ($31.13 million).
At the same time, standalone gross profit in H1 2021 increased by 5.2 percent YoY to EGP 458 million ($29.16 million), compared to EGP 435 million ($27.70 million) in 2020.
The leading distributor also recorded an increase in consolidated net profit in H1 2021 of 15.8 percent YoY to EGP 242 million ($15.4 million) compared to EGP 209 million ($13.3 million) in 2020.
Standalone net profit in H1 2021 rose by 11.3 percent YoY high to reach EGP 228 million ($ 14.51 million), compared to EGP 205 million ($13.05 million) last year. The growth was supported by a substantial contribution from Kanawat and its non-banking financial arm Ebtikar and Basata.
Consolidated EBITDA in H1 2021 increased by 17.8 percent YoY to EGP 361 million, compared to EGP 307 million. In comparison,, standalone EBITDA in H1 2021 increased by 12.3 percent YoY to EGP 318 million, compared to EGP 283 million last year.
MTI is an Egyptian company that operates in the consumer electronics distribution and retail segment. It is Egypt’s largest distribution network by geographic coverage..
With more than 30 years of experience in the distribution industry, Khaled Mahmoud leads the company as its group chairman.
The company has a diversified portfolio. It operates through five divisions, including automotive, consumer electronics, seamless pipes, telecom and tractors.
Customers include leading global brands such as Samsung, Vodafone, Huawei, Range Rover, Jaguar, Maserati, Bentley, Carrier and Bosch.
*Standalone revenue is the profit associated with the operation of a single segment or division within a firm. This contrasts with consolidated profit, which measures the profit of a firm as a whole.