Egypt's GB Auto enjoys record sales revenues

Reuters, Thursday 16 May 2013

GB Auto, Egypt's largest listed automobile assembler, announces 160 percent rise in net income for this year's first quarter

Egyptian vehicle assembler and distributor GB Auto said on Thursday that its first quarter net income surged 160.1 percent, boosted by record sales revenue.

"Our growth this quarter reflects strong showings from regional operations in Iraq and the motorcycles and three-wheelers, tyres and financing businesses in Egypt," chief executive Raouf Ghabbour said in statement accompanying the results.

Net income rose to LE47.3 million ($6.8 million) from LE18.2 million in the first quarter of 2012, while sales revenue climbed to LE2.08 billion from LE1.71 billion.

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