EARNINGS WATCH- GB Auto reported a consolidated net profit of EGP 240.4 mn in 3Q2018, reversing losses of EGP 138.9 mn in the same quarter last year, according to the company’s earnings release (pdf). “I am particularly pleased with our Group’s performance during the quarter were our assessment of the market’s recovery has proven to be accurate,” said GB Auto CEO Raouf Ghabbour. “We are witnessing a period of shifting market dynamics with demand trends realigning to the new norm and price points. In parallel, our Group is actively working to improve sales mix at our Auto and Auto-Related segment as we seek to fully capitalize on the uptrend and extract higher value from a growing market. … Total volumes sold across the market reflected strong demand, and at our Egypt Passenger Car business volumes are increasingly shifting to higher-margin units.” One of every three cars sold in Egypt in 3Q2018 was a GB Auto vehicle; the company’s market share year-to-date stands at just shy of 30%.

Orascom Development Egypt (ODE) reported a net profit after tax of EGP 89.4 mn in 3Q2018, down from EGP 92.4 in 3Q2017, company said in its earnings release (pdf). Total revenues for 3Q2018 stood at EGP 868.1 mn, up from EGP 628.6 mnin the same period of last year.