Cairo - Mubasher: Ghabbour Auto (GB Auto) announced that its wholly-owned subsidiary Egyptian Vehicles Manufacturing Company (Ghabbour Egypt) decided not to renew its distribution agreement with China's Geely.
GB Auto cited strategic reasons for its decision, affirming its full commitment towards Geely cars that have already been sold in terms of providing spare parts and performing maintenance services until the Chinese car manufacturer finds a new local agent, according to a bourse disclosure on Thursday.
During the first quarter (Q1) of 2021, GB Auto achieved net profits of EGP 349.52 million, up from EGP 216.15 million in Q1-20, including minority shareholders’ rights.
