GB Auto’s profits decline 67% in 1st 9 months of 2019

CAIRO – 14 November 2019: Ghabbour Auto (GB Auto) recorded profits of LE 174.07 million during the first nine months of 2019, compared to LE 521.3 million during the same months of 2018, marking a decrease of 67 percent.
GB Auto’s financial indicators revealed a decline in sales to LE 18.3 million during January-September 2019, down from LE 18.59 million during the same period of 2018.
During the third quarter of 2019, the company recorded profits of LE 60.5 million, compared to LE 265.7 million during the same quarter of the year.
Standalone resultshit losses of LE 535 million during the nine months of 2019, compared to losses of 1.23 million during the same period of 2018.
The company reached profits of LE 113.48 million during the first half of 2019, compared to profits of LE 225.5 million including minority rights during the same half of 2018.
Ghabbour is an Egypt-based company that is focused on automotive assembly, manufacturing, sales and distribution, as well as financing and after-sales services.
The company operates through five segments: the Passenger Cars segment, Motorcycles & Three-Wheelers segment, the Commercial Vehicles & Construction Equipment segment and the Tires segment.