Gb Corp., Led By Egypt's Ghabbour Family, Reports 58 Million Profit In 2024
- GB Corp.'s net profit surged 55 to 58 million in 2024, fueled by strong automotive sales, strategic pricing, and financial services expansion.
- Automotive revenues nearly doubled to 960 million, led by passenger car sales growth of 120.8 and a diversified product mix mitigating Egypts forex challenges.
- CEO Nader Ghabbour plans regional expansion, digitalization, and automation as economic pressures ease and consumer purchasing power improves.
GB Corp., the Cairo-based automaker owned by the family of late Egyptian auto tycoon Raouf Ghabbour, has posted one of its best financial performances with net profits exceeding 55 million during its 2024 fiscal year. This was driven by robust growth in both its automotive and financial services arms, underscoring its key role in Egypts automotive sector.
According to the consolidated financial results , GB Corp.s net profit surged by 55.03 percent, climbing from EGP 1.89 billion 37.36 million in the full year of its 2024 fiscal year FY 2024 to EGP2.93 billion 57.85 million in the corresponding period of 2023 FY 2023, firmly establishing itself among Egypts profitable businesses.
The company also reported a 90.6 percent increase in total revenue, reaching EGP 53.97 billion 1.06 billion, compared to EGP 28.3 billion 558.66 million in the previous year. This was fueled by strategic pricing adjustments and an expanded product portfolio.
Automotive segment leads revenue growthGB Auto, the groups flagship automotive division, played a pivotal role in driving revenue growth. The segment reported a near doubling of revenues to EGP 47.1 billion 960 million in 2024, benefiting from strategic pricing adjustments and a more diversified product mix.
Passenger car sales rose 120.8 percent year-over-year, with a 55.7 percent increase in volumes, as the company leveraged a shift to CKD models to counteract Egypts foreign exchange challenges. Additionally, its trading business, encompassing spare parts and tires, posted a 52.2 percent year-over-year revenue increase, fueled by strong market demand.