Cairo – Mubasher: GB Corp’s consolidated net profit after tax dropped 82.80% year-on-year (YoY) to EGP 1.81 billion in 2023 from EGP 10.53 billion a year earlier.
Consolidated operating revenues declined to EGP 28.31 billion last year from EGP 29.78 billion in 2022, according to the annual financial results.
The basic earnings per share (EPS) reached EGP 1.682 in the 12-month period that ended on 31 December 2023, a plunge from EGP 9.175 the year before.
Fourth Quarter
During the fourth quarter (Q4) of 2023, the company’s consolidated net profit after tax plummeted 94.80% YoY to EGP 453.50 million from EGP 8.79 billion.
On the other hand, total sales revenue surged 27% YoY to EGP 8.79 billion in Q4-2023 from EGP 6.90 billion.
Standalone Results
GB Corp recorded a standalone net profit after tax of EGP 160.20 million in 2023, while the company’s standalone EPS amounted to EGP 0.087.
Cash Dividends
The company’s board of directors proposed the disbursement of EGP 217.10 million, or EGP 0.20 per share, in cash dividends for 2023.
It is noteworthy that GB Corp registered lower consolidated net profits after tax of EGP 1.35 billion in the first nine months (9M) of 2023, versus EGP 1.74 billion in the corresponding period a year earlier.
