{"id":595866,"date":"2019-08-08T04:00:04","date_gmt":"2019-08-08T04:00:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/earnings-watch-gb-auto-egypt-kuwait-holding-talaat-moustafa-group\/"},"modified":"2019-08-08T04:00:04","modified_gmt":"2019-08-08T04:00:04","slug":"earnings-watch-gb-auto-egypt-kuwait-holding-talaat-moustafa-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/earnings-watch-gb-auto-egypt-kuwait-holding-talaat-moustafa-group\/","title":{"rendered":"Earnings watch: GB Auto, Egypt Kuwait Holding, Talaat Moustafa Group"},"content":{"rendered":"

EARNINGS WATCH- GB Auto turns net loss in 2Q2019 as competition with zero-tariff EU imports bites:<\/b> GB Auto posted a net loss of EGP 8.9 mn in 2Q2019, with revenues falling 6.3% y-o-y, according to a company earnings release (pdf)<\/a>. The bulk of the revenues during the quarter came from the company\u2019s Auto & Auto Related (A&AR) segment, which took EGP 9.64 bn over the quarter \u2014 a 4.3% y-o-y rise from 2Q2018. The company recorded net profits of EGP 7.1 mn during 1H2019 on revenues of EGP 11.54 bn.<\/p>\n

\u201cRegulatory challenges,\u201d low customs for EU, Moroccan, Turkish cars driving losses:<\/b>The company attributed its loss during the quarter to \u201cregulatory challenges\u201d including the imposition of lower customs rates on cars from the EU, Morocco, and Turkey than vehicles from other markets. \u201cThis trend is creating an environment that favors importation of more expensive and luxurious cars from EU countries over buying locally assembled cars and other more economic, fully imported products of non-EU origin. It is our view that these trends are unsustainable, and corrective measures are required to protect our national manufacturing know-how and capacities, as well as provide a level playing-field that would stabilize the market, improve foreign currency utilization and enhance customs revenues,\u201d GB Auto CEO Raouf Ghabbour said. Ghabbour also pointed to regulations constraining the three-wheeler segment, including caps imposed on the number of licenses for three-wheelers.<\/p>\n

Regulatory changes are coming, but are they enough?<\/b> Sources told us last month<\/a> that the Madbouly Cabinet had approved legislative amendments to the Customs Act that would provide incentives to domestic manufacturers. The amendments would see manufacturers\u2019 effective customs rates reduced if they meet domestic component quotas. Nonetheless, even under these incentives \u2014 which could see their customs bill reduced to 15% from a current 40% in certain cases \u2014 local manufacturers would still find it hard to compete with imports from the EU that have a 0% customs rate. These incentives were created in place of a previous package of incentives<\/a> (dubbed the automotive directive), which was long called for by local assemblers, who had hoped it would tip the scales before customs on EU cars fell to 0%.<\/p>\n

Egypt Kuwait Holding 2Q profit up 12% y-o-y:<\/b> Egypt Kuwait Holding (EKH) posted a net profit of USD 34.8 mn in 2Q2019, up 12% from USD 30.7 mn a year earlier, according to a quarterly earnings release (pdf)<\/a>. Revenues increased by more than USD 25 mn y-o-y to reach USD 140 mn. Growth came primarily from the company\u2019s energy arm, which saw revenues rise to USD 30 mn from USD 24.4 mn in 2Q2018.<\/p>\n

Profit rises 13% y-o-y in 1H2019:<\/b> EKH reported profit of USD 71.9 mn during the first six months of 2019, up 13% from USD 63.3 mn last year. Revenues in 1H2019 rose by almost 20% to hit USD 280.3 mn, from USD 234.8 mn.<\/p>\n

Outlook:<\/b> The company is \u201coptimistic\u201d about its medium and long-term growth prospects due to the ongoing Egyptian gas boom, the completion of its 40 MW Kahraba plant expansion in late 2020, and the entry of its fertilizers and petrochem segment into new export markets.<\/p>\n

Real estate developer Talaat Moustafa Group reported net income of EGP 812.3 mn during 1H2019<\/b>, compared to EGP 731.7 mn a year earlier, the company said in a bourse filing (pdf)<\/a>. Revenues came at EGP 4.9 bn during the period, a 25% increase from last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH- GB Auto turns net loss in 2Q2019 as competition with zero-tariff EU imports bites: GB Auto posted a net loss of EGP 8.9 mn in 2Q2019, with revenues falling 6.3% y-o-y, according to a company earnings release (pdf). The bulk of the revenues during the quarter came from the company\u2019s Auto & Auto […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[302,1668,72,7087,241,2380,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595866","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-earnings","tag-egypt-kuwait-holding","tag-enterpriseam","tag-finance","tag-gb-auto","tag-speed-round","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"32d298d7-eabe-448d-81eb-79424efc96b3","is_powered_by":true,"section_story_id":"107dcae0-a42b-424e-af50-5da3c6e6489c","story_type":"1","photo_url":"","photo_position":"above","related_issue":[595857],"teaser":"","voice_url":""},"yoast_head":"\nEarnings watch: GB Auto, Egypt Kuwait Holding, Talaat Moustafa Group - 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\/2019\/08\/08\/earnings-watch-gb-auto-egypt-kuwait-holding-talaat-moustafa-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings watch: GB Auto, Egypt Kuwait Holding, Talaat Moustafa Group\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- GB Auto turns net loss in 2Q2019 as competition with zero-tariff EU imports bites: GB Auto posted a net loss of EGP 8.9 mn in 2Q2019, with revenues falling 6.3% y-o-y, according to a company earnings release (pdf). 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The company\u2019s revenues rose to EGP 1 bn from EGP 868.1 mn during the same quarter last year, according to the company\u2019s financial statements (pdf). In 9M2019, ODE\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":647584,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/15\/earnings-watch-gb-auto-mnhd-oriental-weavers-amer-group-porto-group\/","url_meta":{"origin":595866,"position":3},"title":"Earnings Watch: GB Auto, MNHD, Oriental Weavers, Amer Group, Porto Group","author":"enterpriseam admin","date":"15 May 2017","format":false,"excerpt":"EARNINGS WATCH- GB Auto swung to a net loss of EGP 154.5 mn on revenues of EGP 2.96 bn in 1Q17 compared a net profit of EGP 28.6 mn a year ago. GB Auto CEO Raouf Ghabbour said that while the market was paralyzed during January and February, \u201cMarch gave\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":601444,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/28\/earnings-watch-edita-elsewedy-electric-gb-auto-ekh-phd-acc-nbk\/","url_meta":{"origin":595866,"position":4},"title":"Earnings Watch: Edita, Elsewedy Electric, GB Auto, EKH, PHD, ACC, NBK","author":"enterpriseam admin","date":"28 February 2019","format":false,"excerpt":"EARNINGS WATCH- High-profile snackfood maker Edita recorded a 20.4% y-o-y increase in net profit in 4Q2018 to EGP 128.3 mn, up from EGP 106.6 mn in 4Q2017, according to the company\u2019s earnings release (pdf). 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