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GB Auto's profit hikes 62% in Q1

GB Auto's profit hikes 62% in Q1
The revenues rose to EGP 6.82 billion in the three-month period
GB Auto
AUTO
-1.82% 3.24 -0.06

Cairo – Mubasher: Ghabbour Auto (GB Auto) reported a 62% year-on-year (YoY) growth in its consolidated net profits to EGP 349.52 million in the first quarter (Q1) of 2021, compared to EGP 216.15 million, including minority shareholders’ rights.

The revenues rose to EGP 6.82 billion in the three-month period ended 31 March from EGP 5.88 billion in the corresponding period a year earlier, the company said in a bourse disclosure on Monday.

As for standalone business, GB Auto turned to net losses of EGP 219,269 in Q1-21, versus net profits of EGP 330,590 in Q1-20.

During 2020, GB Auto logged net profits of EGP 1.11 billion, compared to EGP 223.55 million, including minority shareholders’ rights.