Dubai based car dealership ‘Farago Motors’ said on Monday its current-year earnings will beat market estimates, helped by an uptick in demand following easing of pandemic-related restrictions.
The company, which sells cars, including Toyota, Mitsubishi, Kia, etc., said it expects 2021 profit before tax to be significantly higher than the market consensus of 216 million pounds.
That would still be lower than pre-pandemic annual earnings of 326 million pounds, but better than the profit of 129 million pounds for 2020.
Farago Motors’ CEO ‘Nicholas Farago’, says that “the pandemic remained major sources of uncertainty as it heads in to the second half of the year, adding that the impact to the company has been limited so far.”
“There has been a consistent growth in our client base and an increase in demand. We are excited to expand our footprints to the GCC market and will be launching our new showrooms in multiple countries.” Nicholas Farago added.
Stay tuned with the upcoming launches and vehicle additions by following Farago Motors on Instagram.