Cairo –  GB Corp posted consolidated net profits after tax amounting to EGP 652.63 million in the first half (H1) of 2023, an annual plunge of 40.30% from EGP 1.09 billion, including minority interest.

The revenues totalled EGP 10.75 billion in January-June 2023, down 31.40% from EGP 15.67 billion in H1-22, according to the income statements.

Basic earnings per share (EPS) hit EGP 0.56 in H1-23, versus EGP 0.66 in H1-22.

Standalone Business

The EGX-listed firm suffered standalone net losses after tax valued at EGP 1.13 million in the first six months (6M) of 2023.

Non-consolidated loss per share stood at EGP 0.001 in the January-June 2023 period.

Financials for Q2-23

In the second quarter (Q2) of 2023, the EGX-listed firm witnessed 24.60% year-on-year (YoY) lower consolidated net profits after tax at EGP 548.68 million, compared to EGP 728.22 million.

Revenues declined by 23.30% to EGP 6 billion in Q2-23 from EGP 7.83 billion in Q2-22, while the EPS went up to EGP 0.45 from EGP 0.44.

Nader Ghabbour, CEO of GB Corp, said: “By leveraging our regional footprint, we demonstrated the ability to identify and capitalize on growth opportunities within the passenger car LoB in Iraq, where revenues witnessed a remarkable 80.20% increase compared to the previous quarter and nearly tripled when compared YoY.”

“Regarding net debt for GB Auto, it has maintained a relatively stable position below the EGP 3.50 billion mark with a quarter-on-quarter increase attributed to higher inventory levels,” Ghabbour added.

As of 31 March 2023, the consolidated net profit after tax of GB Corp plummeted to EGP 103.95 million from EGP 365.64 million in Q1-22, including minority interest.

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