Arab Finance: International Business Corporation for Trading and Agencies (IBCT) reported a 55.77% year-on-year (YoY) decrease in consolidated net profits after tax during the first quarter (Q1) of 2023, recording EGP 179,491, compared to EGP 405,855, according to the company’s financial statements filed to the Egyptian Exchange (EGX) on May 30th.
Sales dropped 6.53% YoY to EGP 7.273 million during the January-March period of this year, from EGP 7.781 million during the first three months of 2022.
Established in 1994, IBC started its business as Thermo King’s sole dealer in Egypt. The company operates within the auto parts field and it distributes and installs buses and trucks heating, ventilation and global positioning systems, and spare parts.