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Wednesday, 22 May 2019

Egypt's GB Auto posts 5.8 pct rise in Q1 net profit

Auto distributor sees profit and revenues rise as strong growth in passenger car sales offsets impact of import ban on motorcycles and three-wheelers

Reuters, Thursday 8 May 2014
Views: 847
Views: 847

Egyptian auto distributor GB Auto made a 5.8 percent rise in net profit in the first quarter, the firm said in a stock exchange statement on Thursday.

Profit rose to 71.5 million Egyptian pounds ($10.17 million) from 67.58 million a year earlier, it said in a separate statement, and revenues rose by 28.1 percent to 2.6 billion pounds.

GB Auto, which is the Egyptian distributor of three-wheeler tuk-tuks and motorbikes made by India's Bajaj, had said earlier this year a one-year government ban on those vehicles would have a limited effect on the firm's 2014 profits.

"Strong growth in key lines of business minimized the impact on our bottom line of a ban in Egypt on new imports of motorcycles and three-wheelers," GB Auto Chief Executive Officer Raouf Ghabbour said in the statement.

The firm's passenger cars division made a 39.1 percent increase in revenues to 2 billion pounds as sales of Hyundai, Geely and Mazda cars all grew in the Egyptian market.

The firm's motorcycle and three-wheeler revenues dropped by 20.4 percent on reduced sales due to the import ban, GB Auto said.

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