GB Auto is set to diversify into the lubricant market

Resource from: Ventures Africa Likes:190

Jan 23,2014

Egypt’s largest listed auto-mobile assembler GB Auto is set to diversify into the lubricant market after it agreed a distributorship deal with Russia’s Gazprom Neft, the oil-focused subsidiary of Gazprom. GB Auto experienced a significant downturn in revenue turnover last year, with net income falling 73 percent in Q2 of 2013, a previous report confirmed. Following predictions that local car market is expected to shrink further in coming years, the auto assembler is keen on expanding its business portfolio in a bid to stabilize revenue inflows and has earmarked the lubricant market as a prime prospect. Egypt’s lubricant market holds attractive economic potentials. The market is estimated to hold between 400,000-450,000 tonnes of mechanical oil with an average annual growth rate of 4-5 percent. According to Ahram Online, GB – the sole dealer of Hyundai and Mazda sedans in the country – will leverage its extensive distribution networks to grow its lubricant distribution venture. GB Auto plans to roll out Gazpromneft-branded products through its own distribution network as well as third-party distributors, a report by Reuters read.

(Ventures Africa)

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