Cairo-based MM Group, a prominent automobile and consumer electronics distributor led by Egyptian businessman Khaled Mahmoud, showcased its remarkable financial prowess with another robust performance in the first quarter of 2023.
Building on the success of 2022, when the company’s earnings soared above $12 million, MM Group reported a staggering 201.7-percent surge in net profit across all operating segments and subsidiaries.
According to the recently published financial reports, the group’s net profit for the first three months of 2023 reached an impressive EGP153 million ($4.95 million), dwarfing the EGP51 million ($1.65 million) profit achieved in the same period of 2022.
The surge can be attributed to a substantial 27.6-percent increase in revenue, which climbed from EGP1.9 billion ($61.5 million) to EGP2.5 billion ($80.9 million) during the period under review.
The consolidated consumer electronics division, which accounted for 77.7 percent of the group’s revenues in Q1 2023, experienced robust growth, expanding by 29.7 percent to reach EGP1.9 billion ($61.5 million), compared to EGP1.5 billion ($48.5 million) in the corresponding period last year.
Furthermore, revenue generated from the automotive segments saw a notable 53.4-percent surge, climbing from EGP196 million ($6.34 million) in Q1 2022 to EGP301 million ($9.74 million) in Q1 2023.
MM Group‘s success can be attributed to its extensive distribution network, encompassing five divisions: automotive, consumer electronics, seamless pipes, telecom, and tractors.
The company’s diverse portfolio effectively caters to various industries, solidifying its position as Egypt’s largest distribution network.
As chairman and managing director, Mahmoud holds a significant 10.13 percent stake in MM Group, valued at over $10 million.
Under his astute leadership, the group has expanded its distribution network, covering vast territories and boasting over 40,000 points of sale in both distribution and retail channels.
Its impressive financial results in the first quarter of 2023 indicate sustained growth and profitability, with its consumer electronics and automotive divisions spearheading the company’s success.
This performance propelled MM Group’s total assets to increase from EGP2.935 billion ($95.14 million) at the end of 2022 to EGP3.645 billion ($118.1 million) by the end of the first quarter. This further solidifies Khaled Mahmoud’s exceptional leadership and managerial skills.
