GB Auto, an automaker based in Cairo and owned by the family of the late Egyptian auto tycoon Raouf Ghabbour, has obtained shareholder approval to rebrand itself as “GB Corp” in a strategic move to reinforce its position as a leader in the industry.
The decision to rebrand was announced by the company’s board two months ago, with the aim of preserving the legacy of Ghabbour while also strengthening the company’s operations. The approval by the shareholders on March 26 marks a significant step toward this goal.
GB Corp’s rebranding initiative aims to unify its subsidiaries, which include GB Auto, GB Capital, GB Logistics, GB Ventures, GB Academy, and the Ghabbour Foundation for Development.
By aligning with a shared vision and values, the company will operate as a cohesive entity, focused on delivering sustainable business practices that prioritize digital transformation, green initiatives, and women’s empowerment.
Founded in 1985 by the late Ghabbour, GB Auto has emerged as one of the leading automobile distributors and assemblers in the Middle East and North Africa.
Under his guidance, the company has experienced remarkable growth and success.
Today, the Ghabbour family owns a 62.9-percent stake in the Cairo-based automaker, making them one of the wealthiest investors on the Egyptian Exchange.
The recent rebranding initiative is expected to deliver significant value to shareholders, with an anticipated increase in dividend payouts driven by higher earnings and better asset quality.
Ghabbour family members and other shareholders could benefit from rebranding effort
GB Auto’s commitment to driving its business to new heights extends beyond the automotive industry, as the company continues to expand its operations and deliver value to its customers and shareholders. Members of the Ghabbour family, who own a majority stake in the company, can expect continued growth and profitability in the years ahead.
Despite experiencing a 5.2-percent decrease in revenue during the 2022 fiscal year, GB Auto achieved a record-breaking profit of EGP10.5 billion ($344 million).
The remarkable surge in profit can be attributed to two key factors: the sale of GB Lease, the group’s leasing business, and its 7.5-percent stake in MNT-Halan, a prominent fintech firm led by Egyptian entrepreneur Mounir Nakhla.
With a focus on sustainable business practices and a commitment to delivering value to its stakeholders, GB Auto is poised for continued success in the future.
The company looks forward to building on its achievements and driving growth in the automotive industry and beyond.
