CAIRO: Ghabbour Auto (GB Auto) aims to achieve 1.4 billion EGP (U.S. $201 million) net profit and 13.3 billion EGP ($1.9 billion) total revenues in 2014, and the board of directors decided not to distribute profits on 2013, according to a statement released Wednesday, reported Youm7.
During their meeting on Monday, GB Auto’s board of directors also decided to hold a meeting for the general and urgent assembly on March.26. They also appointed Alaa Sabe’ as deputy chairman of board of directors.
According to the financial results of GB Auto, net profits dropped to 184 million EGP in 2013, marking a 33.1 percent decline, compared to 275 million EGP in 2012.
This comes while the company rejected a government decision to stop importing motorcycles and tuk-tuks (rickshaws) and warned it would have a negative impact on job opportunities and economic development.
Raouf Ghabbour, CEO and chairperson of the board of directors, said that the ministerial decision would affect GB Auto’s production, hurt the economy, and hamper slum development plans.
Ghabbour added that the company provides 150,000 jobs and plays a major role in the transportation sector.
GB Auto’s imports of manufactured motorcycles from the Indian company Bajaj were worth 13.9 percent of the company’s total revenues during the third quarter of 2013.
Originally published in Youm7.