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Egypt’s GB Auto warns against proposed ban on ‘Tuk-Tuk’ imports

Reuters- Egypt’s proposed ban on the import of motorbikes and three-wheelers, or ‘tuk-tuks’, would have an “adverse impact” on GB Auto, the country’s largest car assembler, the company said on Thursday. Two- and three-wheelers contributed around 13% of GB Auto’s revenues in the first nine months of 2013, according to company data. GB Auto is …

Daily News Egypt

GB Auto to cut exposure to Egypt market

By Reuters CAIRO: Egypt’s GB Auto, the top passenger car importer and distributor in the Middle East and North Africa, will reduce reliance on its Egyptian operations and its exposure to a potential currency crisis, the company’s chief executive said. A year of political and economic turmoil since a popular uprising in Egypt sent inward investment …


GB Auto says Q4 net rises 8 pct

By Yasmine Saleh and Tom Pfeiffer / Reuters CAIRO: Egyptian vehicle distributor GB Auto reported an 8 percent rise in its fourth-quarter net income on Monday as soaring sales of its two and three-wheeled motorcycles offset a car market weakened by the recent political turmoil. The company said in a statement posted on its website that …


GB Auto says Q3 net climbs 25 pct year-on-year

CAIRO: Egypt’s GB Auto said on Sunday its third-quarter net income rose 25 percent year-on-year to LE 89.0 million ($14.9 million), but said the return to growth may be temporary because of a volatile automobile market. The firm, Egypt’s biggest listed automobile assembler, said net income was LE 71.4 million in the same quarter of …


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