Vehicle assembler GB Auto, Egypt’s biggest, reported sales down 16% in the second quarter compared to year-ago levels, blaming the political unrest in the country. Quarter 2 sales totalled 10,868 units.
This was a smaller decline than had been expected and a massive 72% increase from the first quarter when anti-government protests were at their height.
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Then, GB Auto saw net income plummet 89% from the same quarter in 2010 as the January 25 protests brought much of the economy to a halt for nearly three weeks until President Hosni Mubarak resigned on 11 February.
“We have posted a decisive quarter-on-quarter improvement in sales despite ongoing turmoil in our largest market and remain on track to grow our top line year-on-year in 2011,” CEO Raouf Ghabbour said.
“We have gained important market share in passenger cars and motorcycles while growing our three-wheeler and financing businesses,” he added.
GB Auto said motorcycle and three-wheeler sales reached record highs in the quarter, increasing by 27% from a quarter earlier and 64% from a year earlier. Year to date growth in this segment of GB Auto’s operations was 54%.
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By GlobalDataThe firm began operations in Iraq in February 2010. Passenger car sales there grew 7.5% quarter-on-quarter. Sales in Iraq represented 37% of total revenue in the first quarter.
