Arab Finance: GB Corp (AUTO) reported a 481.6 % year-on-year (YoY) hike in consolidated net profits attributable to parent company in the first quarter (Q1) of 2024, recording EGP 626.333 million, compared to EGP 107.693 million, as per a filing.

Similarly, operating revenues rose to EGP 9.006 billion in the three months to March 31st this year from EGP 4.741 billion in the same period a year earlier.

The company did not post any standalone net profits.

GB Corp is a leading automotive company in the Middle East. The Egypt-based company has operations across six primary lines of business: passenger cars, motorcycles and three-wheelers, commercial vehicles and construction equipment, tires, after-sales, and Iraqi operations.

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