Cairo-Mubasher: Pharos Research set the fair value of GB Auto, an automotive assembler and distributor in the MENA region, at EGP 3.4, with “Add” recommendation, according to a recent report.

GB Auto posted strong second-quarter revenues on the back of “price increases and solid market share gains”, Pharos said, adding that “the availability of inventory and a competitive pricing strategies were the key factors driving financial performance this quarter.”

The company’s profits grew 452% to EGP 123.75 million in Q2-16, compared to EGP 22.4 million in Q2-15.