Cairo – Mubasher: Ghabbour Auto (GB Auto) recorded a 356.6% year-on-year (YoY) surge in net profit, logging EGP 794.77 million in the first nine months of 2020, compared to EGP 174.07 million, including minority shareholders’ rights.
GB Auto’s sales fell to EGP 16.11 billion in the January-September period from EGP 18.3 billion in the same period in 2019, according to a bourse disclosure on Sunday.
The cost of revenues dropped to EGP 12.84 billion in the nine-month period ended 30 September from EGP 15.52 billion in the prior-year period.
As for the third quarter (Q3) of 2020, the company achieved net profits of EGP 431.7 million, up from EGP 60.5 million in Q3-19.
In addition, the standalone financial results for the first nine months of the year showed net losses of EGP 7.41 million, up from about EGP 535,000 in the corresponding period a year earlier.
During the first half (H1) of 2020, GB Auto posted net profits of EGP 363.02 million, up from EGP 113.4 million in H1-19, including minority shareholders’ rights.
