Sales of Ghabbour Auto declined 39.5% y-o-y and 31.3% Q-o-Q to EGP 4.74bn in the first quarter (1Q) of 2023, compared to EGP 7.84bn during the same period last year, due to market challenges, especially the disruption of supply chains.
The consolidated profits of Gabbour Auto decreased by 71.5% to EGP 104m during 1Q 2023, compared to EGP 365.6m during the comparative period of 2022.
This is due to the company recording capital gains during the last quarter of 2022, as a result of exiting from a 7.5% stake in one of its subsidiaries.
Nader Ghabbour, Managing Director of Ghabbour Auto, said that the consolidated revenues and net profit declined during 1Q 2023, due to the problem of supply shortages that the company faced.
He added that Ghabbour Auto has succeeded in diversifying its revenue sources, which confirms its ability to take advantage of growth opportunities, as the company’s activities in the Iraqi market contributed 22.3% to total revenues.
Ghabbour affirmed the management’s confidence in the speedy recovery of the company’s results, in conjunction with the return of inventory levels to normal, benefiting from the strong demand for its portfolio of products and services.