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Thndr Claps » EGY Claps » 23% decline in GB Auto’s profits in Q1-2022

23% decline in GB Auto’s profits in Q1-2022

by Ziad Amin
May 22, 2022
GB Auto, AUTO, Ghabbour Gb Auto, EGX AUTO, EGX GB Auto, EGX Ghabbour

The Clap
GB Auto achieved net profit of EGP 229.4 million in Q1-2022, compared to net profits of EGP 298.8 million in Q1-2021.

The deets
Despite the decline in profits, the company’s revenues increased to EGP 7.84 billion, compared to EGP 6.82 billion in Q1-2021.

Profit drivers
The company attributed lower losses to a $211 million loss due to the devaluation of the EGP last March.

Despite this, the automotive sector witnessed an increase in revenues by 12% during Q1-2022, bringing the automotive segment’s revenues to EGP 6.1 billion.

In related news
The company’s Board of Directors proposed establishing two new companies, one in Egypt & the other is in Kenya.

For GB Auto’s full earnings release, click here.

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