Cairo – Mubasher: MM Group for Industry and International Trade logged a consolidated net profit of EGP 699.15 million in 2023, up from EGP 346.25 million a year earlier.
The company’s net sales soared to EGP 10.35 billion last year from EGP 6.90 billion in 2022, according to the annual financial results.
The earnings per share (EPS) grew to EGP 0.47 in 2023 from EGP 0.29 the year before.
Standalone Results
The standalone net profit of the group jumped to EGP 631.26 million last year from EGP 332.64 million in 2022.
Standalone net sales grew to EGP 7.88 billion in the 12-month period that ended on 31 December 2023, versus EGP 5.59 billion a year earlier.
Capital Hike
The group’s board approved increasing the paid-up capital by EGP 187.31 million to EGP 936.58 million through offering bonus shares.
The bonus shares will be offered at 0.25 free share per original share at a value of EGP 0.62.
Basata Investment
Furthermore, the board also approved contributing EGP 28 million to the capital increase of Basata Financial Holding Company.
The board ratified investing EGP 250 million in Basata and its subsidiaries to support regional expansion plans.
It is worth noting that MTI holds 50.91% of Basata.
MM Group registered EGP 482.12 million in consolidated net profit after tax in the first nine months (9M) of 2023.
