GB Corp Targets Expansion Of Exports To Africa, Middle East
Date
11/16/2023 2:13:37 PM
(MENAFN- Daily News Egypt)
GB Corp aims to increase its exports to African and Middle Eastern countries in the coming period by exporting high-quality buses and expanding its operations in Iraq. Nader Ghabbour, the company's CEO, stated in the business results announcement that the company intends to introduce a range of new locally assembled CDK cars and fully manufactured electric cars. This initiative aims to maximize business volume to cope with the economic challenges facing the Egyptian market, aligning with the regional expansion strategy.
Ghabbour added that the company is addressing challenges in the car market, particularly the slowdown in passenger car sales. They are adopting effective pricing strategies and improving the product mix to significantly increase revenues and profitability levels. The company has started exporting Fuso and Volvo buses to the Middle East and is expanding into Africa soon. They are committed to achieving sales exceeding 10,000 units in the Iraqi market to capitalize on promising growth opportunities.
Diversifying the company's operations in regional markets supports hedging against local challenges, enabling sustainable business growth. Additionally, the introduction of new electric car products in the next year encourages citizens to embrace sustainable transportation. In the first nine months of the current year, GB Corp recorded revenues of around EGP 19, with GB Auto contributing about 85% of total revenues, while GB Capital holds 15%.”
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