Egypt’s MB for Engineering says H1 profits up 39%

Egypt’s MB for Engineering and Contracting reported a 29 percent y-o-y rise in first half sales to reach 60 million Egyptian pounds ($6.7 million) from 46.5 million pounds last year.

Founded in Egypt in 1981, MB Group is currently the sole agent of Hager, Samwha, and Hyundai in Egypt, according to its official website.

The results realized 99 percent of the company’s annual plan, MB deputy chairman Ahmed Shalaby said.

Net profits grew to 5 million pounds from 3.6 million pounds in the comparable period last year, up 39 percent.

The board of MB for Engineering and Contracting previously agreed on a 6 million pounds increase to the company’s capital. Shalaby said he thinks that the capital hike had a significant impact on the company’s financial results during the second quarter of 2016.

In addition, major construction projects carried out in housing sector massively contributed to stimulating the market. 

By giving a nod to the capital increase, MB managed to upgrade machinery and thus doubling production. Moreover, the company successfully developed new products in a serious plan to penetrate export markets overseas, the official added.

Earlier, shares of MB Engineering Group started in April trading in Egypt’s bourse for small and medium-sized enterprises, known as NILEX.