ArabFinance: GB Auto (AUTO) posted a 630% Year on Year increase in its consolidated net profit in Quarter one (Q1) of 2020, according to the company’s May 17thstatement filed to the Egyptian Exchange.

Consolidated net profit reached EGP 138.4 million in Q1, compared to EGP 26.1 million achieved in the prior-year period.

In early May, GB Auto and MG International agreed to fully import (completely built up, CBU) models, produced by MG International, in Iraq.

The operation is expected to commence late quarter three (Q3) of 2020 or early Q4, the company said.

The strategic partnership will benefit from the resources of both companies to serve the Iraq market by providing competitive products.

GB Auto is an Egypt-based automotive company in the Middle East and North Africa. Its main activities include trading, distributing and marketing of all transportation means, including heavy trucks, semi-trucks, passenger cars, buses, agriculture tractors and pick-ups.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.