Egypt's gold prices fall on Thursday    China to reviews anti-dumping duties on EU toluidine    Asian stocks slide on Thursday    China pours over $300m into flood relief efforts    Carlyle Group targets significant investments in Egypt's oil, gas sector    El Gouna City unveils Fanadir Marina, becoming Egypt's largest private yacht operator    22 banks, 8 companies offer EGP 70bn in mortgage finance since June 2014: MFF    Egypt's PM reviews progress of Warraq Island urban development    Over 200 cultural events planned across Egypt to mark June 30 Anniversary    Health Minister discusses cooperation with UN Office on Crime, Drugs    Egypt, Yemen reaffirm strategic ties, stress Red Sea security concerns    264 days of targeting civilians in Gaza by Israeli aircraft    Taiwan's ASE Technology to expands chip packaging in US, Mexico    EU supports € 650b plan for cities to achieve net zero by '30    Somalia faces dire humanitarian crisis amidst Al-Shabaab threat, UN warns    Sweilem leads Egyptian delegation to South Sudan for high-level talks, project launches    Joyaux collaborates with IGI to certify luxury jewellery    Egypt, South Sudan strengthen water cooperation    33 family tombs unearthed in Aswan reveal secrets of Late Period, Greco-Roman eras    First NBA Basketball school in Africa to launch in Egypt    Central Agency for Reconstruction develops Fustat Hills Park in Cairo    BRICS Skate Cup: Skateboarders from Egypt, 22 nations gather in Russia    Pharaohs Edge Out Burkina Faso in World Cup qualifiers Thriller    Egypt's EDA, Zambia sign collaboration pact    Amwal Al Ghad Awards 2024 announces Entrepreneurs of the Year    Egyptian President asks Madbouly to form new government, outlines priorities    Egypt's President assigns Madbouly to form new government    Egypt to build 58 hospitals by '25    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's GB Auto profits rise 254% in Q3
Egyptian car assembler and distributor sees surge in profits on highest sales of passenger cars in five years
Published in Ahram Online on 10 - 11 - 2014

Profits for Egypt's Ghabbour Auto (GB Auto) climbed 254 percent in the third quarter, compared to the same period the prior year, the company announced in a statement to the Egyptian Stock Exchange on Monday.
The automotive assembler and distributor attributed the sales growth to a surge in passenger car sales, higher sales in the Iraqi market and in domestic construction equipment sales, CEO Raouf Ghabour said in a press release from the company.
GB auto recorded almost LE72 million in net profits in the third quarter of 2013, compared to LE20.3 million in the same period last year.
Revenues also jumped 47.6 percent to LE3.1 billion from LE2.1 billion year on year.
The company's bonanza, driven by passenger car sales, contributed LE2.3 billion to total revenues in the three months ending 30 September, the highest in five years, said Ghabour.
Commercial vehicles and construction equipment which contribute almost 7 percent to revenues also saw unit sales rise by 147 percent "on the back of increased spending in Egypt's infrastructure," said Ghabbour.
The Iraqi market achieved 14 percent growth in sales, while investments made in Algeria are expected to "start posting a respectable sales performance in 2015," said Ghabbour.
http://english.ahram.org.eg/News/115188.aspx


Clic here to read the story from its source.