Biography Of Khaled Mahmoud (Age , Wife , Net Worth) – MM Group, a Cairo-based vehicle and consumer electronics distributor founded by Egyptian multimillionaire businessman Khaled Mahmoud, is failing to beat its fiscal performance from the previous year, with earnings dipping below $9 million in the first nine months of its 2022 fiscal year.
Profits at the conclusion of the first three-quarters of the group’s 2022 fiscal term plummeted by more than 34%, from EGP328 million ($13.4 million) in the first nine months of 2021 to EGP216 million ($8.84 million), according to previously released financial data.
Despite becoming a non-exclusive authorized distributor of Apple products in Egypt during the year under review, the group’s sales declined from EGP7.08 billion ($289 million) to EGP5.09 billion ($208.3 million), resulting in a double-digit drop in profitability.
The major sources of the reduction in group revenue were consumer electronics, which account for 74.3 percent of MM Group’s total revenues, and automobile sales, which plummeted by 72 percent in the first nine months of 2022.
Because of the drop in earnings, the group’s total assets fell 12.9 percent from EGP3.67 billion ($150.2 million) at the start of the year to EGP3.2 billion ($131 million) as of September 30.
Through its diversified portfolio, which comprises five divisions: automotive, consumer electronics, seamless pipes, telecom, and tractors, MM Group, a Cairo-based vehicle and consumer electronics distributor, manages Egypt’s biggest distribution network.
Global brands such as Samsung, Vodafone, Huawei, Range Rover, Jaguar, Maserati, Bentley, Carrier, Bosch, and, most recently, Apple, the world’s largest technology business, are among its customers.
Mahmoud, the chairman and managing director of MM Group, has a substantial 10.13 percent share in the firm, valued at about $15.8 million at the time of writing.
Under Mahmoud’s guidance, the group has expanded its distribution network to become one of Egypt’s biggest in terms of geographic coverage, using a long-standing distribution platform that includes more than 40,000 places of sale with both distribution and retail channels.