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GB Auto Q2 profit climbs 66.1% YOY

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GB Auto Q2 profit climbs 66.1% YOY

GB Auto (S.A.E.) said its second-quarter normalized net income amounted to 10 Egyptian piastres per share, a decline of 31.1% from 14 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 106.2 million pounds, a gain of 66.1% from 63.9 million pounds in the year-earlier period.

The normalized profit margin increased to 2.7% from 2.0% in the year-earlier period.

Total revenue grew 22.6% year over year to 3.93 billion pounds from 3.21 billion pounds, and total operating expenses climbed 18.7% from the prior-year period to 3.61 billion pounds from 3.05 billion pounds.

Reported net income grew year over year to 124.4 million pounds, or 12 piastres per share, from 50.3 million pounds, or 11 piastres per share.

As of Aug. 10, US$1 was equivalent to 8.88 Egyptian pounds.