Cairo – Mubasher: The consolidated financial statements of Ghabbour Auto (GB Auto) reported a 182% year-on-year (YoY) leap in its net profits during the first quarter of 2020.
The automotive company’s net profits surged to EGP 216.15 million in the January-March period, compared to EGP 76.57 million in the corresponding period a year earlier, according to a bourse disclosure on Sunday.
Sales rose to EGP 5.888 billion in the three-month period ended on 31 March, compared to EGP 5.841 billion in the year-ago period.
As for standalone business, GB Auto reported net profits of EGP 330.59 million in Q1-20, up from EGP 120.08 million in Q1-19.
It is noteworthy to mention that in 2019, the company’s net profits plunged to EGP 223.55 million from EGP 672.3 million in 2018, including minority shareholders’ rights.
