Cairo – Mubasher: The consolidated net profits of Ghabbour Auto (GB Auto) jumped by 2,048% year-on-year (YoY) to EGP 916.95 million in 2020, compared to EGP 42.67 million, excluding minority shareholders’ rights.
The profits attributable to minority interests reached EGP 199.1 million last year, up from EGP 180.88 million in 2019, the company said in a bourse disclosure on Sunday.
In total, GB Auto logged net profits of EGP 1.11 billion in 2020, compared to EGP 223.55 million in 2019.
Revenues declined to EGP 23.31 million over the course of 2020, compared to EGP 25.39 million a year earlier.
The decline in revenue was ascribed to the economic disruption caused by the coronavirus pandemic, while the profit hike was attributed to the operational improvements carried out by the company.
As for standalone business, GB Auto incurred net losses of EGP 9.03 million last year, up from EGP 1.99 million in 2019.
The board of directors recommended a cash dividend distribution of EGP 273.5 million or EGP 0.25 per share for 2020’s earnings.
During the first nine months of 2020, GB Auto achieved net profits of EGP 794.77 million, up from EGP 174.07 million in the same period in 2019, including minority shareholders’ rights.
