Ghabbour Auto (GB Auto) revealed in a statement on Saturday, that it has obtained the final approval from Egypt’s Financial Regulatory Authority (FRA) to add consumer finance activities to its factoring subsidiary Drive.

This comes in addition to its car financing capacities, which fall within the company’s desire to continue expanding the products and services offered in the market.

It stressed that this deal is in line with the company’s vision to develop its business in the fields of financing, factoring, microfinance, real estate financing, securitisation, fleet leasing services, life insurance services, and electronic payments.

GB Auto achieved profits of EGP 349.52m during the first quarter (Q1) of 2021, compared to profits of EGP 216.15m in the same quarter of 2020, taking into account minority rights.

During Q1 of 2021, the company’s revenues amounted to EGP 6.82bn, compared to sales of EGP 5.88bn in Q1 of last year.

With regard to independent businesses, the company saw losses of EGP 219,270 in losses during Q1 of 2021, compared to profits amounting to EGP 330,590 in the comparative quarter of 2020.

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