GB Auto sees profit doubling, eyes exports
Cairo, March 9, 2010
GB Auto, Egypt's biggest automobile assembler, expects to double its profit in 2010 and plans to export buses and trailers to Middle Eastern and African markets by the second quarter of 2010, executives said.
'We will start exporting from the second quarter of this year,' Raouf Ghabbour, CEO of GB Auto, said in a conference call, later refering to buses and trailers and saying initial markets targeted were in the Mena region and the rest of Africa.
The vehicle assembler's chief finance officer Colin Sykes said the firm expects to double its full year profit on revenues of between EGP5.7 billion ($1.04 billion) and 6 billion. – Reuters