Egypt: GB Auto’s profits grow to $89mln in 9M-22

PHOTO

Cairo – Ghabbour Auto (GB Auto) achieved consolidated net profits of EGP 1.74 billion in the first nine months (9M) of 2022, a leap of 40.30% year-on-year (YoY) from EGP 1.24 billion, including minority shareholders' rights.

Earnings per share (EPS) recorded EGP 1.17 in 9M-22, compared to EGP 0.91 in 9M-21, according to a bourse disclosure on Tuesday

The revenues hiked to EGP 22.88 billion in the January-September 2022 period, compared to EGP 22.39 billion in the corresponding period a year earlier.

As for standalone business, GB Auto reported no profits during the nine-month period ended 30 September 2022, against net losses of EGP 1.16 million in the prior-year period.

During the first six months (6M) of 2022, GB Auto achieved a net profit of EGP 1.09 billion, an annual jump of 34.80% when compared to EGP 811.6 million, including minority shareholders’ rights.