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GB Auto Q2 profit climbs YOY

GB Auto (S.A.E.) said its second-quarter normalized net income amounted to 14 Egyptian piastres per share, a decrease of 24.0% from 19 piastres per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 63.9 million pounds, an increase from 25.1 million pounds in the year-earlier period.

The normalized profit margin rose to 2.0% from 0.8% in the year-earlier period.

Total revenue grew on an annual basis to 3.21 billion pounds from 3.08 billion pounds, and total operating expenses climbed 6.3% year over year to 3.05 billion pounds from 2.86 billion pounds.

Reported net income increased 26.0% on an annual basis to 50.3 million pounds, or 11 piastres per share, from 39.9 million pounds, or 30 piastres per share.

As of Aug. 10, US$1 was equivalent to 7.83 Egyptian pounds.