Ghabbour (GB) Auto’s profits in the first half of 2012 grew by 31.6 percent compared to the same period in 2011, reaching EGP 76.5 million. Revenues rose 23.3 percent to EGP 3.8902 billion.
The company’s revenues in the second quarter reached EGP 2.1778 billion, a growth of 17.2 percent from the same quarter in 2011. Profits in the second quarter were EGP 58.4 million, an increase of 15.6 percent.
Dr Raouf Ghabbour, Chairman of GB Auto’s Board of Directors and its General Manager, said that the company’s sales of cars for private ownership were more than double the market average. He stated that GB Auto’s success was due to the quality of the company’s administration and the quality of its products.
Ghabbour said that the company would begin its regional efforts to sell frames after offering a number of new Chinese brands. He added that the company hopes to offer Geely brand vehicles in the final quarter of the current year in order to strengthen GB Auto’s market share.
GB Auto accounted for 33.5 percent of the Egyptian automobile market in the first half of the current year, growing 3.7 percent compared to the same period in the previous year. Revenues from sales of cars for private ownership grew 27.1 percent, with strong sales in all markets.
Revenues from motorcycle and tok tok sales fell 15.5 percent while commercial vehicle sales rose 47.2 percent, an indication of an improving economy.