{"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) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>GB Corp profit, revenues hit amid auto slowdown - 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\/2023\/05\/28\/gb-corp-profit-revenues-hit-amid-auto-slowdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GB Corp profit, revenues hit amid auto slowdown\" \/>\n<meta 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WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1482.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":661554,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/02\/gb-corp-ci-capital-fawry-telecom-egypt-report-2024-earnings\/","url_meta":{"origin":587453,"position":5},"title":"GB Corp, CI Capital, Fawry, Telecom Egypt report 2024 earnings","author":"enterpriseam admin","date":"2 March 2025","format":false,"excerpt":"Yet more companies are out with their financials for the previous year, with GB Corp, CI Capital, and Telecom Egypt out with their earnings for 2024.GB CORP SEES NET INCOME INCREASE BY MORE THAN 50% IN 2024-GB Corp\u2019s net income rose 54.8% y-o-y in 2024 to EGP 2.9 bn, the\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS 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