GB Corp’s Q1 consolidated profits decline 53% YoY: Egypt

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The company did not post any standalone net profits

Staff Writer, Arab Finance

May 29, 2023

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GB Corp (AUTO) reported a 53.05% year-on-year (YoY) decrease in consolidated net profits attributable to parent company during the first quarter (Q1) of 2023, recording EGP 107.693 million, compared to EGP 229.394 million, according to the company’s financial statements filed to the Egyptian Exchange (EGX) on May 28th.

Operating revenues dropped to EGP 4.741 million in Q1 2023 from EGP 7.842 million in Q1 2022.

The company did not post any standalone net profits.

GB Corp is a leading automotive company in the Middle East. The Egypt-based company has operations across six primary lines of business: passenger cars, motorcycles and three-wheelers, commercial vehicles and construction equipment, tires, after-sales, and Iraqi operations.

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