Egyptian coatings maker MIDO plans raising sales to $247mn late 2020

Egyptian International Group for Modern Coating-MIDO plans obtaining sales of 2.2 billion Egyptian pounds (US$247.7 million) by the end of 2020, Chief Financial Officer Ahmed Fathy said Tuesday.

Speaking to Amwal Al Ghad, the official stated that MIDO is adopting strategy for promoting and selling products outside since it provide foreign currencies through manufacturing most of materials it needs in its factories.

He noted that the company targets being best paints manufacturer in Egypt and to be among the largest 50 coatings firms all over the world by 2020.

In 2015,  MIDO’s exports reached US$3 million monthly, Fathy pointed out, adding that the company aims to boost this volume to US$5 million per month during 2016.

MIDO is an Egyptian leading company for high quality Paints and Coating products for multi purposes. It develops, produces, and distributes specialized chemical products for many areas of application in the automotive, decorative paints, wood coatings, printing inks, and other different industrial products.