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MM Group’s profits slide 35% in 9M-22

MM Group’s profits slide 35% in 9M-22
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-0.34% 8.80 -0.03

Cairo – Mubasher: MM Group for Industry and International Trade gained EGP 218.17 million in consolidated net profits during the first nine months (9M) of this year, a year-on-year (YoY) drop of 34.70% from EGP 334.56 million, including minority shareholders’ rights.

Sales of the EGX-listed firm came in at EGP 5.08 billion in 9M-22, down from EGP 7.07 billion in 9M-21, according to a stock exchange statement on Monday.

In the meantime, the group logged lower standalone profits at EGP 212.57 million during the January-September 2022 period from EGP 305.66 million in the year-ago period.

During the third quarter (Q3) of 2022, the company’s profits amounted to EGP 72.51 million, compared to EGP 89.52 million in Q3-21.

It is worth pointing out that during the January-June period in 2022, MM Group recorded net profits of EGP 145.66 million, compared to EGP 245.03 million in the year-ago period, including minority shareholders’ rights.