Investor Presentation
SECOND QUARTER 2024
Outline
04GB Corp Overview
09GB Auto
23GB Capital
28Consolidated Financial Performance
31Key Corporate and Shareholder Information
GB Corp | Investor Presentation 2Q24 | 3 |
INVESTOR PRESENTATION | SECOND QUARTER 2021 |
GroupGroupOverviewOverview
GB Corp is a leading automotive company in the Middle East and Africa and non-bank financial services provider in Egypt. The company operates under two distinct segments: GB Auto, which operates the core automotive business and encompasses four primary lines of business across the Middle East and Africa, and GB Capital, which oversees the operations of the Group's non-bank financial service providers.
Passenger Cars | Trading (Tires & | |||
(Egypt, Iraq, and | ||||
Ready Parts) | ||||
Jordan) | ||||
Commercial Vehicles &
GB Lease | MNT-Halan |
Construction
Two, Three, and
Equipment
Four-Wheelers
GB Auto Rental | Kredit |
Kaf | Bedaya |
Capital | GB Capital |
Securitization | Sukuk |
GB Corp | Investor Presentation 2Q24
INVESTOR PRESENTATION | SECOND QUARTER 2021
5
The Group has an established regional footprint with a strong portfolio of top global brands.
GB Auto
Passenger Cars
Commercial Vehicles
& Construction Equipment
Motorcycles &
Three-Wheelers
Trading
GB CAPITAL
GB Corp | Investor Presentation 2Q24 | 6 |
INVESTOR PRESENTATION | SECOND QUARTER 2021 |
Consolidated Financial Highlights
GB Corp records solid results despite challenging market conditions with revenues and net profit up year-on-year in 1H24.
Revenues
GB Corp's revenues increased by 78.4% y-o-y to EGP 19,181.1 million in 1H24 on the back of enhanced performance in both the Auto and Capital segments. During the quarter, revenues grew 69.3% y-o-y to EGP 10,174.9 million in 2Q24.
Gross Profit
GB Corp recorded gross profit of EGP 4,379.0 million, representing an 83.5% y-o-y increase, and yielded a margin of 22.8% in 1H24. On a quarterly basis, gross profit grew 35.8% y-o-y to EGP 1,815.4 million, resulting in a lower GPM of 17.8% in 2Q24.
EBIT
Similarly, GB Corp's EBIT grew 78.9% y-o-y to EGP 2,742.4 million, yielding a margin of 14.3% in 1H24. In 2Q24, EBIT increased by 15.8% y-o-y to EGP 1,033.8 million, yielding a contracted margin of 10.2%.
Net Profit
The Company's bottom-line grew 72.3% y-o-y to EGP 1,048.2 million on the back of an expanded top-line figure, coupled with enhanced efficiency at all levels. Meanwhile, GB Corp's net profit fell 15.7% y-o-y to EGP
421.8 million in 2Q24 on the back of high inflationary pressures.
Revenue (EGP mn)
6,009.9 | 10,174.9 | 10,751.4 | 19,181.1 |
2Q23 | 2Q24 | 1H23 | 1H24 |
EBIT (EGP mn), EBIT %
14.9% | 10.2% | 14.3% | 14.3% |
892.7 | 1,033.8 | 1,532.9 | 2,742.4 |
2Q23 | 2Q24 | 1H23 | 1H24 |
Gross Profit (EGP mn), GP %
22.2% | 17.8% | 22.2% | 22.8% |
1,337.0 | 1,815.4 | 2,386.4 | 4,379.0 |
2Q23 | 2Q24 | 1H23 | 1H24 |
Net Profit (EGP mn), NP %
8.3% | 4.1% | 5.7% | 5.5% |
1,048.2 | |||
500.5 | 421.8 | 608.2 | |
2Q23 | 2Q24 | 1H23 | 1H24 |
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INVESTOR PRESENTATION | SECOND QUARTER 2021 |
GB Auto
GB Corp | Investor Presentation 2Q24 | 8 |
INVESTOR PRESENTATION | SECOND QUARTER 2021 |
GB Auto Key Financial Highlights
GB Auto
Revenue (EGP mn)
5,031.5 | 8,793.2 | 8,903.2 | 16,448.5 |
2Q23 | 2Q24 | 1H23 | 1H24 |
EBITDA (EGP mn), EBITDA %
14.4% | 10.8% | 14.1% | 15.2% |
723.3 | 954.0 | 1,256.5 | 2,503.5 |
2Q23 | 2Q24 | 1H23 | 1H24 |
Gross Profit (EGP mn), GP %
22.3% | 16.8% | 22.4% | 23.0% |
1,119.7 | 1,479.8 | 1,996.0 | 3,775.5 |
2Q23 | 2Q24 | 1H23 | 1H24 |
Net Debt (EGP mn), Net Debt / LTM EBITDA Ratio
1.28x | 0.77x | 0.93x |
3,396.7 | 2,921.8 | 4,682.9 |
1H23 | FY23 | 1H24 |
GB Corp | Investor Presentation 2Q24 | 9 |
INVESTOR PRESENTATION | SECOND QUARTER 2021 |
GB Auto is comprised of diverse operations that span the value chain from manufacturing and assembly to sales, after-sales, and trading.*
Passenger Cars | Trading | Egypt CV&CE | Two, Three, and Four-Wheelers |
Assembly: | Ready Parts Distribution: | Assembly: | Assembly: |
• Passenger car CKD and imported CKD | • Distribution of spare parts for passenger | • Trucks | • Motorcycles CKD assembly |
kits in Egypt | cars, motorcycles, and commercial | Manufacturing: | Manufacturing: |
• Imported CKD kits with a production | vehicles in Egypt and Iraq | • Bus bodies | • Motorcycles components at the Badr |
capacity of c.80,000 units per year in | • Largest cross-country network of its kind | • Trailers/superstructures | Facility |
Egypt | Tires Distribution: | Sales & Distribution: | Sales & Distribution: |
Sales & Distribution: | • Passenger car, van, truck, construction | • Trucks | • Motorcycles |
• CBU vehicles in Egypt, Jordan, and Iraq | equipment, and bus tires in Egypt | • Buses | • Tricycles |
• Trailers/superstructures | • Four-wheelers | ||
• Construction/farming equipment |
75.1% | 11.6% | 7.6% | 2.5% |
2Q24 GB Auto Revenue | 2Q24 GB Auto Revenue | 2Q24 GB Auto Revenue | 2Q24 GB Auto Revenue |
Contribution | Contribution | Contribution | Contribution |
FY22 Group Revenue | FY22 Group Revenue | FY22 Group Revenue | FY22 Group Revenue |
Contribution | Contribution | Contribution | Contribution |
5-Year CAGR 19.9% | 5-Year CAGR 21.2% | 5-Year CAGR 12.6% | 5-Year CAGR -19.8% |
*GB Auto has one secondary line of business, Others, which consists of pre-owned passenger cars, pre-owned commercial vehicles, and retail.
GB Corp | Investor Presentation 2Q24 | 10 |
INVESTOR PRESENTATION | SECOND QUARTER 2021 |
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