GB Auto records profits of LE 1.84B in 2021

CAIRO - 27 February 2022:  Ghabbour Auto (GB Auto) recorded a 65.7 percent  increase in its annual profit  during 2021.

 

The company stated in a filing to the Egyptian Exchange (EGX), Sunday, that it recorded a net profit after taxes of LE 1.84 billion during 2021, compared to profits of LE 1.11 billion during 2020.

 

The share of the parent company’s shareholders in profits during the past year amounted to about LE 1.47 billion, compared to LE 916.95 million during 2020.

 

Moreover, the profits of the non-controlling interests amounted to about LE 368.91 thousand in 2021, compared to LE 199.1 million in 2020.

 

The company’s revenues rose last year to record LE 31.43 billion at the end of December, compared to LE 23.31 billion during 2020.

 

As for the standalone results, the losses of the independent company declined during 2021 to reach LE 2.41 million, compared to losses amounting to about LE 9.03 million during 2020.

 

GB Auto achieved, during the first nine months of 2021, profits of LE 1.25 billion, compared to profits of LE 794.77 million in the comparative period of 2020, taking into account minority rights.

 

During the period, the company's revenues amounted to LE 22.39 billion, compared to revenues of LE 16.1 billion in the comparable period last year.

 

As per the standalone results, the company’s losses declined to LE 1.16 million in losses during the period, compared to LE 7.41 million in losses in the comparable period of 2020.

 

Ghabbour is an Egypt-based company that is focused on automotive assembly, manufacturing, sales and distribution, financing and after-sales services.

 

The company operates through five segments: the Passenger Cars segment, the Motorcycles & Three-Wheelers segment, the Commercial Vehicles & Construction Equipment segment and the Tires segment.