Cairo: Egypt’s biggest car distributor and assembler, Ghabbour Auto, expects automobile sales to double in 2019 compared to last year, amid a rebound in demand crippled after currency reforms sent inflation soaring.
The Cairo-based company, which also has operations in Iraq, Jordan and Algeria, expects automobile sales to surge by 25 per cent to 4,800 cars in September as it resumes distribution of China’s Geely vehicle this month, GB Auto’s chairman and chief executive officer, Raouf Ghabbour, said in an interview.
That increase will help push up profits this quarter versus the last, especially as national car sales are seen climbing 40 per cent to 140,000 this year from 2017, and are expected to reach 180,000 in 2019, he said. With the upswing in demand, GB Auto is no longer “incurring losses on the models we sell.” In addition, the company is making money on the new models it sells and cutting its net debt levels.
— Bloomberg
