MM Group for Industry and International Trade (MTI) [MTIE.CA] reported 4Q18 results, with headline earnings of EGP37.6mn declining c20% Y-o-Y; however excluding one-offs, net income would have been up c400% Y-o-Y, mostly on lower interest expenses. Revenues for the quarter grew 27% Y-o-Y to EGP2.1bn, as sales from the company’s largest segment, consumer electronics (c75%), were up 26.5% Y-o-Y to EGP1.6bn. Meanwhile, the telecommunication products segment (c16%) increased 21.8% Y-o-Y to EGP345mn, while sales from luxury cars (c8%) grew 52.4% Y-o-Y to EG160mn. Gross margin for the quarter expanded by 0.9pp to 6.8%, with gross profit up 45.9% Y-o-Y to EGP144mn. EBITDA margin expanded c1.1pp to 4.2%, with EBITDA adding 69% Y-o-Y as SG&A expenses were up c22% Y-o-Y.