Ghabbour Auto (GB Auto) on Monday announced it has turned profitable during the first nine months of 2018, as compared with the same period last year.
Net profit amounted to EGP 515.28 million in the nine-month period ended September, against losses of EGP 475.5 million in the year-ago period, including minority shareholders’ rights, the company highlighted in a filing to the Egyptian Exchange (EGX).
Revenues surged to EGP 18.77 billion in the January-September period of the year, from EGP 12.17 billion in the prior-year period.
At the level of standalone business, the company recorded EGP 1.2 million in losses at the end of September, versus EGP 553,500 in the same period of 2017.
It is worth noting that GB auto generated EGP 181.5 million in profits for the first half of 2018, against losses of EGP 305.4 million in H1-17.