Q3 2024 GB Auto SAE Earnings Call Transcript
Key Points
- Consolidated quarterly revenue rose by 85% year-on-year and 59.4% quarter-on-quarter to GBP16.2 billion.
- Net profit increased by 12.6% year-on-year and 76.8% quarter-on-quarter to GBP746 million.
- EBITDA grew by 34.3% year-on-year to GBP1.7 billion with a margin of 11.7%.
- GB Capital's loan portfolio increased by 19.8% quarter-on-quarter and 32.5% year-on-year to GBP12.6 billion.
- NPLs improved to 2.1%, down from 3% in the previous quarter, reflecting enhanced portfolio quality.
- The macroeconomic environment in Egypt remains challenging with high interest rates and currency fluctuations.
- Income from M&T decreased in 2024 due to an 800 basis point interest rate hike.
- Car registration issues persist, affecting the availability of completely built units.
- High interest costs relative to net debt position, with an annual rate of 60%.
- No specific guidance provided for 2025 earnings or subsidiary-level performance.
Hello everyone. This is Neta Abus from (inaudible) Holding. I'd like to welcome you all to GB Corp third-quarter results conference call.
Unfortunately, Mr Nader Ghabbour won't be able to attend the call for on for health and wellness. So we'll have Mr Mohammed, Group (inaudible), who will start with a brief update and then we'll (technical difficulty) Mr Mohamad, please go ahead.
Thank you. Good afternoon everyone and thank you for joining our results call for the third quarter of 2024. I'll begin by discussing the group's performance and the prevailing macroeconomic environment before opening the floor to your questions.
Starting with an overview of the group's financial performance. Consolidated quarterly revenue rose by 85% year-on-year and 59.4% quarter-on-quarter to reach GBP16.2 billion in Q3 driven by strong performance in both the auto and capital segments. While net profit rose by 12.6% year-on-year and 76.8% quarter-on-quarter to reach GBP746 million.
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