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Tuesday, 7 November 2017

Earnings Watch: GB Auto, ACC

EARNINGS WATCH- ‘This the season, folks. Among those reporting results yesterday:

GB Auto announced a consolidated net loss of EGP 138.9 mn in 3Q2017, down from a net profit of EGP 39.4 mn a year earlier. Sales revenues rose 16.4% y-o-y to EGP 5.03 bn during the period. “Overall, the third quarter of 2017 showed an improvement, as we had anticipated, but the fact remains that consumer sentiment continues to be a hamper on the automotive business … We do see signs of increasing demand for Passenger Cars, which we believe will steadily continue, as we’ve managed to maintain our market share at above 30% and anticipate we’ll hit 33% — our historical rate — by the end of the year,” CEO Raouf Ghabbour says.

Arabian Cement Company’s net profit after tax for 3Q2017 grew to EGP 95.9 mn from EGP 14.5 mn in the same period last year, according to an EGX filing. The company’s consolidated top line climbed 26.9% y-o-y to EGP 674.5 mn from EGP 531.5 mn in 3Q2016.

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