{"id":548598,"date":"2022-08-15T04:00:35","date_gmt":"2022-08-15T04:00:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/gb-auto-shrugs-off-auto-sector-headwinds-to-post-31-bottom-line-growth\/"},"modified":"2022-08-15T04:00:35","modified_gmt":"2022-08-15T04:00:35","slug":"gb-auto-shrugs-off-auto-sector-headwinds-to-post-31-bottom-line-growth","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/gb-auto-shrugs-off-auto-sector-headwinds-to-post-31-bottom-line-growth\/","title":{"rendered":"GB Auto shrugs off auto sector headwinds to post 31% bottom line growth"},"content":{"rendered":"

<\/a> GB Auto net income up 31% in 2Q despite market challenges: <\/strong>GB Auto shrugged off the multiple headwinds facing the Egyptian automotive sector in 2Q 2022, announcing yesterday that its bottom line grew by almost a third during the quarter thanks to strong consumer demand. The company posted a net income of EGP 490.5 mn during the April-June period, up 31% from 2Q 2021, despite import restrictions<\/a>, the devaluation of the EGP<\/a>, and inflation<\/a> weighing on the sector, the company said in its latest earnings release (pdf)<\/a>. Revenues rose almost 8% to EGP 7.83 bn, which the company attributed to \u201cresilient\u201d demand and \u201cimproved pricing strategies.\u201d<\/p>\n

Auto revenues stable + NBFS drives growth: <\/strong>Revenues from the auto and auto-related segment rose 1.1% y-o-y to EGP 5.82 bn as an \u201coptimized product portfolio,\u201d an enhanced pricing strategy, and a move to increase inventory levels helped to offset market headwinds. Revenue growth from commercial vehicles and after-sales offset a 6.5% y-o-y fall in passenger car sales and a 33% decline in motorcycle sales. The company\u2019s non-bank financial services arm, GB Capital, saw revenues rise 27% y-o-y to EGP 2.36 bn and doubled its net income to EGP 276.9 mn thanks in part to strong growth at MNT-Halan.<\/p>\n

Remember: All is not well in the local car market.<\/strong> The local passenger car market contracted by 33% y-o-y and 32% q-o-q during 2Q due to import restrictions and a slowdown in opening letters of credit (L\/Cs), GB Auto said.<\/p>\n

Looking ahead:<\/strong> \u201cIn the coming period, we will remain focused on maximizing margins on the available inventory and minimizing overheads until the import situation improves,\u201d said CEO Nader Ghabbour. \u201cChallenging conditions are likely to persist for a number of quarters; however, we are confident in our ability to effectively respond to changing dynamics and carry forward with our growth targets once the economic situation improves,\u201d said Ghabbour.<\/p>\n

\n

Ibnsina cuts full-year outlook amid challenging conditions:<\/strong> Ibnsina Pharma\u2019s net income fell 48% in 2Q 2022 as the EGP devaluation, rising inflation and supply chain disruptions hit the company\u2019s finances. The company reported a bottom line of EGP 28.4 mn compared to EGP 59 mn in 2Q 2021, while revenues declined 8% to EGP 4.93 bn, according to figures in the company\u2019s latest earnings release (pdf)<\/a>. The company noted that the slide in the EGP against the greenback had a pronounced impact on costs, prompting the company to take steps to curb OPEX growth by \u201coptimizing\u201d expenses including salaries, electricity usage and packing.<\/p>\n

ALSO FROM IBNSINA- <\/strong><\/p>\n

The pharma firm\u2019s investment arm AIM is eyeing investments in the logistics and <\/strong>healthcare sectors<\/strong>, with plans to invest in a hospital within two months, Al Borsa<\/a> reports, without disclosing the size of the investment. AIM has a EGP 280 mn investment budget to make acquisitions in logistics and digital transformation, said co-CEO Mahmoud Abdel Gawad in the earnings release.<\/p>\n","protected":false},"excerpt":{"rendered":"

GB Auto net income up 31% in 2Q despite market challenges: GB Auto shrugged off the multiple headwinds facing the Egyptian automotive sector in 2Q 2022, announcing yesterday that its bottom line grew by almost a third during the quarter thanks to strong consumer demand. The company posted a net income of EGP 490.5 mn […]<\/p>\n","protected":false},"author":1,"featured_media":548599,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[9721,144,302,409,72,241,1414,125,7128,427],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-aim","tag-automotive","tag-earnings","tag-earnings-watch","tag-enterpriseam","tag-gb-auto","tag-ibnsina-pharma","tag-investment-watch","tag-ma-watch","tag-pharma","wpautop","entry"],"acf":{"mongo_id":"9cd4160b-1750-4a86-a8bf-06610d02a301","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/251.jpg","photo_position":"above","related_issue":[548585],"teaser":"","voice_url":""},"yoast_head":"\nGB Auto shrugs off auto sector headwinds to post 31% bottom line growth - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/gb-auto-shrugs-off-auto-sector-headwinds-to-post-31-bottom-line-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GB Auto shrugs off auto sector headwinds to post 31% bottom line growth\" \/>\n<meta property=\"og:description\" content=\"GB Auto net income up 31% in 2Q despite market challenges: GB Auto shrugged off the multiple headwinds facing the Egyptian automotive sector in 2Q 2022, announcing yesterday that its bottom line grew by almost a third during the quarter thanks to strong consumer demand. 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MARKET ROUNDUP-The EGX30 rose 0.4% at today\u2019s close on\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":552148,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/second-quarter-earnings-overdose\/","url_meta":{"origin":548598,"position":4},"title":"Second-quarter earnings overdose","author":"enterpriseam admin","date":"15 August 2022","format":false,"excerpt":"EARNINGS WATCH-Prime Holding narrowed its losses in 2Q 2022 to EGP 10.14 mn, from EGP 14.88 in the same quarter last year, according to the company\u2019s earnings release (pdf). The company\u2019s revenues dipped 3.5% y-o-y during the quarter to EGP 22.78 mn.MM Group reported a 40.6% y-o-y drop in its\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":552187,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/17\/earnings-watch-efic-reports-2q-results\/","url_meta":{"origin":548598,"position":5},"title":"Earnings watch: EFIC reports 2Q results","author":"enterpriseam admin","date":"17 August 2022","format":false,"excerpt":"EARNINGS WATCH-Egyptian Financial and Industrial Company\u2019s bottom line jumped 640% y-o-y in 2Q 2022 to EGP 263.72 mn, according to the company\u2019s financial statements (pdf). The company\u2019s sales rose 89% y-o-y to EGP 1.11 bn. MARKET ROUNDUP-The EGX30 rose 2.2% at today\u2019s close on turnover of EGP 898.48 mn (10.9%\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548598"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548598\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548585"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548599"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548598"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548598"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}