GB Auto’s Q1 Net Profits Up 61%

Egyptian vehicle distributor Ghabbour Auto – GB Auto’s first-quarter net profit rose 61 percent on improvements in vehicle sales, its financing business and other activities, the company said in a statement on Monday.

GB Auto said net profit rose to 18.58 million Egyptian pounds ($3.08 million), compared with 11.53 million pounds in the same period a year earlier.

Its sales of cars and buses as well as other activities such as financing produced revenues of 1.7 billion pounds, up from 1.3 billion in the same period a year ago.

GB Auto (AUTO.CA) controls one third of the Egyptian passenger car market, which has grown fast in recent years thanks partly to easier access to credit, a wider range of cheaper Asian vehicles and a fast-expanding population.

It shares were up 0.33 percent closing at EGP 21.07.