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MM Group sees higher net profits in Q1-23; revenues surge 27.5%

MM Group sees higher net profits in Q1-23; revenues surge 27.5%
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MTI
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Cairo – Mubasher: MM Group for Industry and International Trade achieved consolidated net profits after tax amounting to EGP 157.68 million in the first quarter (Q1) of 2023.

The registered profits were higher than EGP 51.06 million in Q1-22, including minority shareholders’ rights.

Net sales reached EGP 2.47 billion in the January-March 2023 period, an annual jump of 27.60% from EGP 1.94 billion, according to income statements.

Meanwhile, the earnings per share (EPS) hit EGP 0.13 in Q1-23, compared with EGP 0.05 in the year-ago period.

Standalone Financial Results

The company recorded standalone net profits after tax valued at EGP 146.66 million during the first three months (3M) of 2023, a leap from EGP 52.87 million in the year-ago period.

Non-consolidated revenues increased by 15.70% year-on-year (YoY) to EGP 1.76 billion in Q1-23 from EGP 1.52 billion.

Last year, MM Group generated EGP 346.25 million in consolidated net profit after tax, down from EGP 375.46 million in 2021, including non-controlling equity.