GB Auto to Buy GB Global, Says H1 Net Profit 6.76% Up

Leading car assembler GB Auto (AUTO.CA)’s board of directors have approved on Tuesday to buy GB Global Limited – Luxemburg due to costs and expenses spent on establishing this company.

It is worth noting that, GB Global is owned by Ghabbour International Trade in Free Trade Zone- Alexandria.

Meanwhile, BOD approved financial results for the first half of 2013 which revealed a consolidated net profit of EGP 98.7 million, compared to EGP 92.4 million posted a year earlier, representing an increase of 6.76%. The total sales for H1/2013 have hit EGP 4.249 billion, up from EGP 3.89 billion achieved in H1/2012, representing an increase of 9.25%.