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MM Group for Industry and International Trade (MTI), one of Egypt’s largest consumer electronics and automotive distributors, has announced plans to begin selling Apple products in Egypt later this year.
In line with its expansion plans, the Khaled Mahmoud-led automotive and consumer electronics distributor announced that it has reached an agreement with Apple Trading Egypt to become a non-exclusive authorized distributor of Apple products in the country.
The agreement will see MTI, a prominent distributor with a diverse product portfolio and strong partnerships with leading global brands, commence the outright sale of Apple products in Q3 2022.
The move comes nearly a week after Apple, a U.S.-based multinational tech behemoth, reported an all-time revenue of $123.9 billion, up 11-percent year-on-year, and quarterly earnings per diluted share of $2.10 in the first quarter of its 2022 fiscal year.
The consumer response to Apple’s recent launch of new products and services fueled double-digit growth in revenue and earnings, helping the company set an all-time high for its installed base of active devices.
Experts believe that the agreement with Apple is a strategic attempt to broaden MTI’s product portfolio and boost revenue in line with the group’s goal of creating value and enhancing shareholder wealth.
In the first nine months of 2021, the Egypt-based distributor reported an 8.1-percent increase in its consolidated revenue from EGP6.5 billion ($413.8 million) in the first nine months of 2020 to EGP7.1 billion ($452 million).
Meanwhile, its net profit increased by 10.7 percent to reach EGP328 million ($20.9 million) compared to EGP297 million ($18.9 million) in 2020.
MTI Chairman and CEO Khaled Mahmoud said in a comment: “The addition of Apple products to MTI’s portfolio will broaden our product offering, targeting a wider customer base and an increased market share in the mobile phone distribution market.”
As of press time, Feb. 8, shares in MTI were trading at EGP7.14 ($0.455), 70 basis points lower than their opening price on the Egyptian Stock Exchange this morning.
At the current price, the market capitalization of the Egypt-based consumer electronics distributor is EGP6.9 billion ($439.3 million), while Mahmoud’s 10.13-percent stake is worth EGP698.9 million ($44.5 million).
