GMC likely to double Q3 profit - Chairman

Mohammed Genidy, Chairman of GMC for Industrial Commercial & Financial Investments, expected his company to double Q3 net earnings quarter-on-quarter.

Q2 bottom line reached EGP 169 thousand, compared with EGP 61.2 thousand in Q1-11.

H1 profit netted EGP 230.024 thousand, dropping 61.8% Y-o-Y from EGP 602.772 thousand.

Despite challenges currently facing investments, the EGX-listed company continued to generate earnings that were pressured by the recent political events.

GMC has finalized a feasibility study to increase its capital, which will be submitted to the Egyptian Financial Supervisory Authority (EFSA) over the coming ten days. The capital hike proceeds will go for financing the company’s expansions.

The board had given a nod to lifting issued capital through issuing one share per each one owned by original shareholders.

Unlike other companies, GMC did not incur losses on the back of the political turmoil, due to diversifying investments, adding new business activities to its profile and manufacturing for third parties.