(MENAFN- Daily News Egypt) The MM Group for Industry and International Trade (MTI) has reported that its financial results for the second quarter (Q2) of 2020 have fallen short of expectations.
The company reported a bottom-line of EGP 103m, down 13% year-on-year (y-o-y), and down 2.9% quarter-on-quarter (q-o-q), beating consensus but short of estimate for the quarter. MTI also reported that its gross profit margin (GPM) improved 3.2pps y-o-y, but remained flat q-o-q,
The company reported a top-line of EGP 2.1bn, reflecting a 13.8% decline y-o-y, and a 5.4% decline q-o-q. The drop in revenues was a result of lower sales from the consumer electronics segment, which brought in revenues of EGP 1.39bn reflecting a decline of 28.0% y-o-y, and 3% q-o-q.
It also reported lower sales in the telecoms segment, with revenues down 12.5% y-o-y, and 4.4% q-o-q, as demand shifted from scratch cards towards electronic payments platforms.
The automotive business, however, reported a strong performance as revenues surged by 178.7% y-o-y. The non-banking financial services company Ebtikar continued to report strong results as revenues from the electronic payment platforms Bee and Masary, combined, showed a growth in transaction value of 10% y-o-y.
Tamweel also showed strong y-o-y performance with its portfolio growing by 39% y-o-y, new loan originations increasing 28% and net interest income rising 20%.
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