Cairo – Mubasher: The consolidated financial statements of Ghabbour Auto (GB Auto) reported a 220% year-on-year (YoY) increase in its net profits to EGP 363.02 million in the first half (H1) of 2020 from EGP 113.4 million, including minority shareholders’ rights.

GB Auto generated EGP 9.9 billion in sales in the January-June period, down from EGP 11.5 billion in the corresponding period a year earlier, according to a bourse disclosure on Thursday.

As for standalone business, the company’s net losses amounted to EGP 480 in H1-20, the same as in H1-19. 

During the first quarter (Q1) of 2020, the automotive company’s net profits surged to EGP 216.15 million from EGP 76.57 million in the corresponding period a year earlier.