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GB Auto considers alternatives to relieve impact of three-wheeler import ban

GB Auto considers alternatives to relieve impact of three-wheeler import ban
The company started identifying adequate substitutes to meet the needs of its customers
GB Corp
GBCO
0.98% 12.32 0.12

Cairo – MubasherGhabbour Auto (GB Auto) has started to consider alternative sales strategies as the Egyptian government decided to ban the import of three-wheelers. 

The company will work on identifying optimal adjustments to its product mix in order to protect the interest of its shareholders and mitigate the expected deficit in performance, according to a bourse disclosure on Wednesday. 

The CEO of GB Auto, Nader Ghabbour, said, "We have already started identifying adequate substitutes that would satisfy the needs of our customers and support the longer-term sustainability of the division."

During the first quarter (Q1) of 2021, GB Auto recorded net profits of EGP 349.52 million, up from EGP 216.15 million in Q1-20, including minority shareholders’ rights.