GB Auto’s profits soar 608.9% YoY in 2022: Egypt

Reuters Images/Mohamed Abd El Ghany

The company attributed the nearly seven-fold increase in net profit last year

Staff Writer, Arab Finance

PHOTO

GB Auto reported an 608.9% year-on-year (YoY) surge in its net profits after tax and minority interest, recording EGP 9.98 billion in 2022, compared to EGP 1.41 billion in 2021, according to the company’s full-year results report filed to the EGX on February 27th.

The company attributed the nearly seven-fold increase in net profit last year to the realized capital gain in the fourth quarter (Q4) of 2022.

Sales revenue went down 5.2% last year to EGP 29.79 billion from EGP 31.43 billion in the prior year.

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