Egypt: MM Group’s consolidated profits hike 105.5% in H1-24

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MM Group for Industry and International Trade posted consolidated net profits worth EGP 494 million in the first half (H1) of 2024, an annual leap of 105.50% from EGP 295 million.

Net revenues reached EGP 6.23 billion in H1-24, up 23.50% year-on-year (YoY) from EGP 5.05 billion, according to the financial statements.

In the first six months (6M) of 2024, the earnings per share (EPS) grew to EGP 0.34 from EGP 0.25 in H1-23.

Total assets amounted to EGP 6.10 billion at the end of June 2024, versus EGP 4.44 billion as of 31 December 2023.

Standalone Financials

The group recorded standalone net profits after tax valued at EGP 456 million in January-June 2024, an annual surge of 60.60% from EGP 284 million.

Non-consolidated revenues climbed by 17.90% to EGP 4.40 billion in H1-24 from EGP 3.73 billion in H1-23, while the EPS increased to EGP 0.31 from EGP 0.24.

In the first quarter (Q1) of 2024, MM Group reported higher consolidated net profit at EGP 257.43 million, compared to EGP 157.68 million in Q1-23.