– Fahad Al-Ghanim: We are still making exceptional financial achievements that exceed what we expected during the company’s listing
– Sales of Geely and Great Wall Motors increased 28% quarter-on-quarter and 52% year-over-year
– More than 3,400 luxury car reservations with down payments, compared to 2,000 at the end of the first half
Soon, two showrooms for the BMW and Geely brands will open in Jahra
The start of the work of the BMW and MINI agency in the Egyptian market in early December
Ali Al-Ghanim Sons Automotive Company “Al-Ghanim” announced that it achieved exceptional financial results that exceeded expectations in the third quarter of 2022, as it recorded a net profit of 4.83 million dinars (17.5 fils earnings per share) for the third quarter of this year, compared to 4.1 million for the same period last year. 2021, which means a growth in net profits of the company by 17.8 percent on a quarterly basis.
On an annual basis, the company’s profits rose in the first nine months of this year by about 13.7 percent, to record 13.63 million dinars (49.2 fils earnings per share), compared to 11.98 million for the same period in 2021.
Commenting on these results, the Chairman of the Board of Directors of Ali Al-Ghanim Sons Automotive Company, Eng. Fahd Ali Al-Ghanim, said: “The increase in profits for the third quarter of this year by 17.8 percent on a quarterly basis and 13.7 percent on an annual basis is an excellent result for the company. We are still achieving exceptional financial achievements that exceed the results we expected during the listing of the company, as expectations were at that time that profits would grow by 6.5 percent for the same period.”
With regard to the economic car category “Geely” and “Great Wall Motors”, Al-Ghanim confirmed that the company achieved another exceptional growth in this category, as sales increased in the third quarter of this year by 28 percent on a quarterly basis and by 52 percent on a quarterly basis. Annual, adding: “We have many expansion plans, part of which will crystallize at the end of this year, as we will open two new showrooms for the BMW and Geely brands in Jahra, to provide sales and vehicle maintenance services to our customers in this region, as for our customers in the Souq. In the Arab Republic of Egypt, at the beginning of December of this year, Global Auto, in which Ali Al-Ghanim Sons Company is a major shareholder, will start distributing, selling and maintaining the (BMW) and (Mini) brands in the promising and thirsty Egyptian market for these brands after a long hiatus.
Al-Ghanim pointed out that the paid bookings for luxury cars have grown by 70 percent, from nearly 2,000 bookings in the first half of the year to more than 3,400 bookings with advance payments on BMW, Rolls-Royce and Range Rover models. “Range Rover Sport” and “Defender”, taking into account that the company sold and delivered good quantities of cars in the past third quarter, noting a continuous improvement in the ability of car factories to meet the company’s needs during the coming period.