Ghabbour family’s GB Corp delivers $334 million in Q1 revenue

Key Points

• GB Auto posted 68% growth in passenger car volumes, aided by CKD production and Genesis brand launch, signaling strength in Egypt’s premium auto segment.
• GB Capital saw a 71% revenue surge as loan portfolios expanded across subsidiaries, including Forsa, which grew financial inclusion in underserved governorates.
• Net profit remained flat at $12.55 million due to Ramadan seasonality, investment income decline, and normalized margins after FX market stabilization.

GB Corp., the Cairo-based automaker controlled by the family of late Egyptian auto tycoon Raouf Ghabbour, delivered strong top-line growth in the first quarter of 2025, with consolidated revenue soaring past $330 million. The performance was driven by a sharp rise in passenger car volumes, the expansion of consumer finance services, and improved market conditions across Egypt’s automotive and capital sectors.

According to the consolidated financial results, GB Corp.’s revenue jumped 86.1 percent to EGP16.76 billion ($335.54 million) in the three months ended March 31, up from EGP9.01 billion ($180.34 million) a year earlier, supported by strategic pricing and a broadened product mix.

Net profit came in largely flat at EGP626.6 million ($12.55 million), versus EGP626.3 million ($12.5 million) in the same period last year, as operating gains were offset by normalized margins, reduced investment income, and seasonal effects tied to Ramadan. The net profit margin narrowed to 3.7 percent, down 3.2 percentage points from a year ago.

Auto segment powers growth

GB Auto, the group’s flagship division, delivered 68 percent year-on-year volume growth in passenger cars across Egypt and Iraq. This was underpinned by a strategic shift to CKD production and the launch of the Genesis brand, marking GB Auto’s foray into Egypt’s premium vehicle market. 

While commercial vehicles and construction equipment volumes dipped, the segment returned to profitability. The company also soft-launched its quadricycle model, Qute, as part of broader efforts to diversify its light mobility offerings. 

GB Capital posted a 71 percent revenue increase, driven by loan portfolio expansion across its subsidiaries, including Forsa, which recently launched GB Bus Rental, and continues to scale.

CEO charts path to sustained momentum

GB Corp. CEO Nader Ghabbour expressed confidence in the group’s diversified structure and ability to ride Egypt’s ongoing economic stabilization, pointing to improving FX liquidity, normalizing imports, and easing inflationary pressure. 

“We’re scaling up our localization efforts, expanding premium offerings like Genesis, and accelerating growth across underserved governorates while driving digital transformation across Auto and Capital,” Ghabbour said.

Ghabbour family cements leadership in Egypt’s auto industry

Founded in 1985 by the late Raouf Ghabbour, GB Auto has grown into one of the Middle East and Africa’s leading automotive companies. Today, the Ghabbour family holds a 63.4 percent stake in GB Corp., solidifying their status as some of the wealthiest investors on the Egyptian Exchange.

With total assets of EGP76.52 billion ($1.53 billion) and total equity of EGP27.5 billion ($551.02 million), GB Corp. is well-positioned to maintain its leadership in Egypt’s automotive and financial services sectors, shaping the industry’s future for years to come.