MTI profits leap 59% last year

According to the financial statements of MM Group for Industry & International Trade (MTI), profits rose 58.8% year on year.

MTI’s profits hit EGP 353.15 million in 2016, compared to EGP 222.34 million in 2015.

As for the nine-month period ended in September, the company reaped EGP 205.2 million in profits.

The company announced that buy orders of MTI’s IPO, which is launched on the Egyptian Exchange, will be received and registered starting from April 2 trading session, at a maximum price of EGP 6.06 per share.

Before dividing the company, the capital reached EGP 396 million, divided on 396 million shares, at a nominal value of EGP 1 per shares.

According to earlier statements made by Beltone Financial Deputy CEO, Ahmed Salem, Beltone is managing MTI IPO, which is expected to reach EGP 400 million approximately.