MM Group invests 50% in auto-sales company

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Thu, 26 Dec 2019 - 09:31 GMT

FILE - Cars for sale in Iceland - Helgi Halldórsson

FILE - Cars for sale in Iceland - Helgi Halldórsson

CAIRO - 26 December 2019: Board Members of MM Group For Industry and International Trade (MTIE) approved investing 50 percent in Tamweel General Trading Company operating in the car sale and installment sector.

The company added in a statement to the Egyptian Exchange (EGX), that the board of directors decided to open new branches to serve the company's activities.

The company achieved profits of LE 370.07 million during the first nine months of 2019, compared to LE 233.6 million, including minority rights, in the same period of last year.

The company's sales increased during January-September to LE 7.7 billion, compared to sales of LE 5.4 billion in the comparative period of 2018.

On a quarterly basis, the company's profits increased during the third quarter of this year to LE 104.5 million, compared to profits of LE 74.4 million in the comparison quarter of 2018.

As per standalone results, the company achieved profits of LE 296.8 million during the nine-month period, compared to LE 222.15 million in the first nine months of 2018.

MM Group operates in the capital goods sector focusing on trading companies & distributors.

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