Egyptian auto distributor GB Auto said third-quarter profit more than tripled on Monday, the firm said in a stock exchange statement, citing a rise in sales of passenger cars, trucks and buses.
Net profit rose to LE71.938 million (US$10.06 million) from LE20.298 million a year earlier, and sales rose by 49.7 percent to LE3.08 billion in the quarter ending 30 September.
GB Auto is the Egyptian distributor of three-wheeler tuk-tuks and motorbikes made by India's Bajaj.
It attributed the rise in profit to rising sales of passenger cars, which jumped to LE2.29 billion during the third quarter, up 59.6 percent compared to the same period last year.
CEO Raouf Ghabbour said passenger car sales were at their highest level in five years, which he said was an indication that the Egyptian market was continuing to recover following more than three years of political turmoil.
"Egypt has weathered the storm of the past few years and is poised for a breakthrough year in 2015," Ghabbour said in a statement.
Revenue from trucks, buses and construction equipment were also up 69.3 percent at LE212.7 million during the third quarter, the company said.
