Cairo – Mubasher: Ghabbour Auto (GB Auto) reported a 66.75% year-on-year plunge in its net profits during 2019, the company’s consolidated financial statements showed.

The automotive company’s net profits dwindled to EGP 223.55 million last year from EGP 672.3 million in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, the company’s sales fell to EGP 25.4 billion in 2019, compared to EGP 25.62 billion in the previous year.

As for standalone business, GB Auto incurred net losses of EGP 1.99 million last year, down from EGP 15.85 million in 2018.

It is noteworthy that during the January-September period of 2019, the company’s net profits slid to EGP 174.07 million from EGP 521.3 million in the corresponding period of 2018, including minority shareholders’ rights.