{"id":570598,"date":"2020-04-07T04:29:13","date_gmt":"2020-04-07T04:29:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/07\/egypts-gb-auto-outlines-mitigation-plan-to-protect-business-from-covid-19-fallout\/"},"modified":"2020-04-07T04:29:13","modified_gmt":"2020-04-07T04:29:13","slug":"egypts-gb-auto-outlines-mitigation-plan-to-protect-business-from-covid-19-fallout","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/07\/egypts-gb-auto-outlines-mitigation-plan-to-protect-business-from-covid-19-fallout\/","title":{"rendered":"Egypt\u2019s GB Auto outlines mitigation plan to protect business from covid-19 fallout"},"content":{"rendered":"

<\/a> GB Aut<\/strong>o suspends capex for 2020 as part of its plans to mitigate effects of covid-19 on <\/strong>business:<\/strong> GB Auto has outlined a course of action to shield its business from the fallout of Egypt\u2019s response to covid-19, which included suspending last month the issuance of new car licenses<\/a>. The suspension was part of a broader shutdown of government services that saw the closure of Traffic Police offices as well as of offices providing visas, work permits and passport services.<\/p>\n

The automotive company\u2019s plan involves suspending all planned capex for 2020, <\/strong>excluding maintenance spending<\/strong> and increasing working capital to ensure liquidity. Management also kicked off a cost-cutting program that will be fully implemented in April, the car maker said in a press release (pdf)<\/a>.<\/p>\n

Ability to meet short-term liabilities despite challenges: <\/strong>GB Auto has enough liquidity in hand to meet its obligations despite the challenges, the company said in a regulatory filing<\/a>. This came after the company\u2019s CEO, Raouf Ghabbour, said in a televised statement<\/a> that the company expects to face liquidity shortages due to the crisis.<\/p>\n

In other automotive news, passenger car sales soared 138% y-o-y in February<\/strong>, increasing to 16,602 vehicles from 6,980 during the same month last year and 8,747 from January, according to figures from the Automotive Information Council (AMIC). The y-o-y growth was primarily due to an exceptionally low base in February 2019<\/a>, when the \u201clet it rust\u201d car boycott campaign was at its peak and the market was still pricing in the elimination of custom duties on EU cars that came into effect in January 2019<\/a>. This had a substantial effect on car sales at the start of last year.<\/p>\n

Short-lived recovery: <\/strong>Just as the market began to stage a recovery in early 2020, it is now coming under pressure from the covid-19 outbreak. Local distributors expect sales to contract \u201csignificantly\u201d in March, Pharos said in a research note last week<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

GB Auto suspends capex for 2020 as part of its plans to mitigate effects of covid-19 on business: GB Auto has outlined a course of action to shield its business from the fallout of Egypt\u2019s response to covid-19, which included suspending last month the issuance of new car licenses. The suspension was part of a […]<\/p>\n","protected":false},"author":1,"featured_media":570599,"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":[8572],"tags":[144,107,72,241,3727,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-automotive","tag-covid-19","tag-enterpriseam","tag-gb-auto","tag-risk-management","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"cb2f4534-3c89-4e29-ab6c-aef8abd5e3d6","is_powered_by":true,"section_story_id":"27ec0299-b9cb-4e38-b0ac-85fe8a128122","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/60.jpg","photo_position":"above","related_issue":[570588],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s GB Auto outlines mitigation plan to protect business from covid-19 fallout - 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\/2020\/04\/07\/egypts-gb-auto-outlines-mitigation-plan-to-protect-business-from-covid-19-fallout\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s GB Auto outlines mitigation plan to protect business from covid-19 fallout\" \/>\n<meta property=\"og:description\" content=\"GB Auto suspends capex for 2020 as part of its plans to mitigate effects of covid-19 on business: GB Auto has outlined a course of action to shield its business from the fallout of Egypt\u2019s response to covid-19, which included suspending last month the issuance of new car licenses. 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Public-facing government\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571566,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/earnings-watch-gb-auto-eipico-adib-credit-agricole-egypt-report-1q2020-results\/","url_meta":{"origin":570598,"position":1},"title":"Earnings watch: GB Auto, EIPICO, ADIB, Credit Agricole Egypt report 1Q2020 results","author":"enterpriseam admin","date":"17 May 2020","format":false,"excerpt":"EARNINGS WATCH- GB Auto posted net profits of EGP 138.4 mn in 1Q2020, soaring 430.6% y-o-y from EGP 26.1 mn during the same quarter last year, according to an earnings release (pdf). Revenues during the quarter inched up 0.8% to EGP 5.89 bn. The company\u2019s auto and auto-related (A&AR) segment\u2019s\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621696,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/gb-auto-aims-to-increase-investments-by-10-15-next-year\/","url_meta":{"origin":570598,"position":2},"title":"GB Auto aims to increase investments by 10-15% next year","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"INVESTMENT WATCH- GB Auto aims to hike capex by 10-15% next year: GB Auto is hiking its capex spending by 10-15% next year, CEO Raouf Ghabbour told Al Mal. The firm plans to invest up to EGP 500 mn next year in aftersales and other facilities, with the company set\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572110,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/11\/covid-19-dents-auto-sector-recovery-but-a-rebound-might-be-in-the-cards-in-the-coming-months\/","url_meta":{"origin":570598,"position":3},"title":"Covid-19 dents auto sector recovery \u2014 but a rebound might be in the cards in the coming months","author":"enterpriseam admin","date":"11 June 2020","format":false,"excerpt":"EXCLUSIVE- Covid-19 dents auto sector recovery \u2014 but a rebound might be in the cards in the coming months: Egypt\u2019s automotive industry looked in the first quarter to be recovering from several years of slow sales \u2014 but is now suffering another setback thanks to covid-19. Since the middle of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/134.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601101,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/19\/gb-auto-to-push-efficiency-as-theme-for-2019\/","url_meta":{"origin":570598,"position":4},"title":"GB Auto to push efficiency as theme for 2019","author":"enterpriseam admin","date":"19 February 2019","format":false,"excerpt":"GB Auto pushes efficiency, guides for top- and bottom-line growth in 2019. \u201cOur main theme this year is efficiency, as we are focused on the increase of revenues and profitability while maintaining a healthy level of net working capital across all auto and auto business lines,\u201d GB Auto board member\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632923,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/22\/gb-auto-wins-best-car-distributor-at-bt100-awards\/","url_meta":{"origin":570598,"position":5},"title":"GB Auto wins best car distributor at bt100 awards","author":"enterpriseam admin","date":"22 February 2018","format":false,"excerpt":"Our friends at EGX-listed GB Auto were named best automotive distributor in Egypt at Business Today\u2019s bt100 awards ceremony on Monday, Youm7 reports.","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/2\/120.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570598","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=570598"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570598\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570588"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570599"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570598"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570598"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}