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GB Auto Q1 profit climbs 49.4% YOY

GB Auto (S.A.E.) said its first-quarter normalized net income amounted to 35 Egyptian piastres per share, an increase of 44.7% from 24 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 47.7 million pounds, a gain of 49.4% from 31.9 million pounds in the year-earlier period.

The normalized profit margin increased to 1.5% from 1.2% in the year-earlier period.

Total revenue climbed 20.0% year over year to 3.20 billion pounds from 2.67 billion pounds, and total operating expenses grew 20.8% year over year to 2.98 billion pounds from 2.47 billion pounds.

Reported net income rose 8.5% from the prior-year period to 52.1 million pounds, or 38 piastres per share, from 48.0 million pounds, or 37 piastres per share.

As of May 12, US$1 was equivalent to 7.64 Egyptian pounds.