Egyptian car assembler and distributor Ghabbour Auto has seen lower profits in the last quarter of the year after reports that car sales fell by over 35 percent in November, according to the National. The company forecast lower sales this year due to the ouster of Hosni Mubarak as president and widespread political instability in the nation.
Ghabbour’s main business is in passenger cars and the 61 year-old company is the sole agent for Hyundai cars, the tuk-tuk and Mitsubishi and Volvo buses.
“The month of November saw the peak of political unrest, with wide demonstrations against the Supreme Council of the Armed Forces,” said Mai Nehad, an analyst at HC Securities in Cairo. Investors should see “some volume volatility in the fourth quarter and first quarter next year in light of parliamentary elections and potential local instability”, she said.