MM Group for Industry and International Trade (MTI) [MTIE.CA] reported 1Q19 results, with headline earnings of EGP135mn, increasing 52.7% Y-o-Y, mostly on higher revenues and better margins. Revenues for the quarter grew 77.2% Y-o-Y to EGP2.89mn, as sales from the company’s largest segment, consumer electronics (c74%), were up 95.4% Y-o-Y to EGP2.1bn. Automotive sales (c15%) increased 115% Y-o-Y to EGP421mn, with volumes growing 78% Y-o-Y, reaching 200 cars. Meanwhile, the telecommunication products segment (c11%) slightly decreased 1.6% Y-o-Y to EGP329mn. Gross margin for the quarter expanded 1.2pp to 9.24%, with gross profit doubling (+103%) to EGP267mn. However, EBITDA margin expanded a tamer 50bps to 6.64%, with EBITDA adding 91.6% Y-o-Y to EGP192mn, as SG&A expenses were up nearly threefold Y-o-Y.