GB Corp’s profits skyrocket in Q1-24; revenues hit $190mln

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Cairo – GB Corp logged consolidated net profits after tax and minority interest amounting to EGP 626.33 million in the first quarter (Q1) of 2024, an annual leap of 481.60% from EGP 107.69 million.

The group revenues hit EGP 9 billion in Q1-24, higher by 89.90% year-on-year (YoY) than EGP 4.74 billion, according to the consolidated financial results.

Additionally, basic earnings per share (EPS) increased to EGP 0.57 in Q1-24 from EGP 0.09 in Q1-23.

Total assets stood at EGP 53.29 billion as of 31 March 2024, up from EGP 42.35 billion at the end of December 2023.

Gross profit more than doubled YoY to EGP 2.56 billion in the first three months (3M) of 2024, yielding an expanded margin of 28.50% compared to 22.10% in Q1-23. This was attributed to improved market conditions leading to increased supply volumes and revenues with higher economies of scale.

Nader Ghabbour, CEO of GB Corp, said: “At GB Capital, despite higher interest rates, we maintained our exceptional growth trajectory with our loan-book portfolio expanding by 61.10% YoY to reach EGP 10.70 billion in Q1-24.”

“On the fintech front, our affiliate, MNT-Halan, launched the Halan card, which gained significant traction in the market, further solidifying its position as the leading fintech company in Egypt,” Ghabbour added.

He noted: “Moving forward, we plan to capitalise on the ongoing economic reforms and improved market sentiment to achieve sustainable growth across our different business segments.”

In 2023, GB Corp posted 82.80% YoY lower consolidated net profit after tax at EGP 1.81 billion, compared to EGP 10.53 billion.