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.
