{"id":587453,"date":"2023-05-28T00:00:00","date_gmt":"2023-05-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/gb-corp-profit-revenues-hit-amid-auto-slowdown\/"},"modified":"2023-05-28T00:00:00","modified_gmt":"2023-05-28T00:00:00","slug":"gb-corp-profit-revenues-hit-amid-auto-slowdown","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/gb-corp-profit-revenues-hit-amid-auto-slowdown\/","title":{"rendered":"GB Corp profit, revenues hit amid auto slowdown"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">GB Corp saw a decline in net income and revenues in 1Q 2023<\/span><span style=\"\"> as it continued <\/span><span>to feel the impact of the slowdown in the automotive industry, the company said in its latest <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1433.pdf\" style=\"\">earnings release (<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1433.pdf\" style=\"\">pdf<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1433.pdf\" style=\"\">)<\/a><\/span><span>. Profits fell 53% y-o-y to EGP 107.7 mn while revenues were down almost 40<\/span><span>% to EGP 4.7 bn in the January-March quarter on the back of what the company described as \u201cchallenging market conditions.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Tough times in the auto sector:<\/span><span style=\"\"> GB Corp\u2019s automotive arm GB Auto saw revenues fall 37% <\/span><span>y-o-y to record EGP 3.9 bn, \u201chindered by the devaluation of the EGP, restrictions on imports, and a slowdown in opening L\/Cs, which limited inventory supply across the portfolio.\u201d GB Auto posted a net loss after non-controlling interest of EGP 80.5 mn for the quarter, compared with net earnings o<\/span><span>f EGP 107.9 m<\/span><span>n <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/148ce583-2219-400f-b8ad-5cf81f7c0dac\" style=\"\">in the same quarter<\/a><\/span><span style=\"font-weight:400;\"> a year before. The company put the negative income down to an EGP 264 mn forex loss, \u201cthe majority of which is recoverable upon the sale of the inventory.\u201d <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"\">Sales across the auto sector <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f8a8c4b8-6138-4bd7-8ab5-782ae7a664c7\" style=\"\">remained depressed<\/a><\/span><span style=\"\"> in the first three months of the <\/span><span style=\"font-weight:400;\">year after falling more than a third in 2022. The sector is yet to recover from the impact of capital controls brought in last year that made it almost impossible for distributors to import cars and components, and forced a number of global car manufacturers to suspend sales to Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">GB Corp\u2019s NBFS arm fared better: <\/span><span style=\"\">The company\u2019s non-banking financial services subsidiary<\/span><span style=\"font-weight:400;\">GB Capital reported a 21% increase in revenues to EGP 1.0 bn in 1Q 2023. Net income was up 55% y-o-y to EGP 189.4 mn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said:<\/span><span style=\"\"> \u201cConsolidated revenue and net profit fell year-on-year as we grappled with <\/span><span>supply shortages across all our GB Auto lines of business. However, by having a diversified revenue stream we demonstrated the ability to identify and capitalize on growth opportunities in Iraq, which currently represents 22.3% of our revenue,\u201d C<\/span><span>EO Nader Ghabbour said<\/span><span style=\"font-weight:400;\">. \u201cWe are confident that once inventory levels rebound, strong demand for our portfolio will lead to a rapid turnaround in results. On the other hand, GB Capital's performance has been steadily growing and achieving operational milestones.\u201d <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>GB Auto posted a net loss but NBFS arm GB Capital saw strong growth<\/p>\n","protected":false},"author":1,"featured_media":587454,"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":[144,409,72,241,2471,6543,595],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-automotive","tag-earnings-watch","tag-enterpriseam","tag-gb-auto","tag-gb-capital","tag-gb-corp","tag-non-banking-financial-services","wpautop","entry"],"acf":{"mongo_id":"14e419e6-9547-44f2-9ac2-86ea92e745e7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1435.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GB Corp profit, revenues hit amid Egypt automotive slowdown","related_issue":[587434],"teaser":"GB Auto posted a net loss but NBFS arm GB Capital saw strong growth","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.055fad59-29b3-45a0-b1fb-fdb77bc24ca5.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Revenues surged by 81% y-o-y to EGP 7.27 bn during the quarter thanks to improved market conditions and stronger\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548598,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/gb-auto-shrugs-off-auto-sector-headwinds-to-post-31-bottom-line-growth\/","url_meta":{"origin":587453,"position":1},"title":"GB Auto shrugs off auto sector headwinds to post 31% bottom line growth","author":"enterpriseam admin","date":"15 August 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/251.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573682,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/13\/earnings-watch-sodic-gb-auto-sarwa-capital-report-2q2020-results\/","url_meta":{"origin":587453,"position":2},"title":"Earnings watch: Sodic, GB Auto, Sarwa Capital report 2Q2020 results","author":"enterpriseam admin","date":"13 August 2020","format":false,"excerpt":"EARNINGS WATCH- Sodic\u2019s net profits fell 77% to EGP 40 mn in 2Q2020 fromEGP 175 mn during the same period last year, it said in its earnings release (pdf). Revenues dropped 40% during the period to EGP 645 mn as 13% of gross sales were canceled. The latest quarterly figures\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":603219,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/15\/gb-corp-raya-cx-ekh-holding-tmg-holding-report-1h-earnings\/","url_meta":{"origin":587453,"position":3},"title":"GB Corp, Raya CX, EKH Holding + TMG Holding report 1H earnings","author":"enterpriseam admin","date":"15 August 2023","format":false,"excerpt":"We\u2019re close to the end of 2Q earnings season","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/721.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":665395,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/18\/gb-corp-palm-hills-report-1q-earnings\/","url_meta":{"origin":587453,"position":4},"title":"GB Corp, Palm Hills report 1Q earnings","author":"enterpriseam admin","date":"18 May 2025","format":false,"excerpt":"GB Corp\u2019s revenues rose 86.1% y-o-y to EGP 16.8 bn during 1Q 2025","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/24.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616249,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/e-finance-gb-corp-report-2023-results\/","url_meta":{"origin":587453,"position":5},"title":"E-Finance, GB Corp report 2023 results","author":"enterpriseam admin","date":"3 March 2024","format":false,"excerpt":"Subsidiary e-Finance Digital Operations contributed the lion\u2019s share of the group\u2019s revenues for the year, making up 90% of the total count","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/60.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\/587453","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=587453"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587453\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587434"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587454"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587453"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587453"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}