Led by Tunisia’s Ben Yedder family, Ennakl Automobiles reports over $186.6 million in revenue in 2021

Omokolade Ajayi -

Ennakl Automobiles, a Tunisian automobile company, reported a double-digit increase in consolidated revenue in 2021. The revenue hike comes as the economy progressively reopens and sales begin to grow thanks to the rising demand for mobility and automobiles last year.

Ennakl Automobiles is a Tunisian vehicle retailer majority-owned by the wealthy Ben Yedder family. Under the leadership of Chairman Abdellatif Hmam, it creates value for shareholders through the retail sale of automobiles under the Volkswagen, Audi, Seat and Porsche brands.

Despite the hurdles that it experienced this year due to the pandemic’s impact on its operations, the company was able to leverage its strong retail distribution channels and a spike in demand for mobility to produce shared value for all stakeholders.

According to the group’s activity indicator for the 2021 fiscal year, consolidated revenue climbed by 20.05 percent to TND538.28 million ($186.7 million) in 2021, up from TND448.4 million ($155.5 million) in 2020.

Ennakl Automobiles’ strong performance in 2021 enabled it to maintain its position as the biggest importer in Tunisia’s automotive industry for new cars for the fourth year in a row, with a 13.10-percent market share.

The company was able to sell 8,074 automobiles during the year, compared to 6,2443 vehicles in 2020, representing a 30-percent improvement over the previous year’s performance.

During the year, it invested TND4.45 million ($1.54 million) in accordance with its budget obligations, notably with the completion of the SEAT brand showroom extension project.

Its financial performance also resulted in an improvement in its financial status, with debts falling from TND24.17 million ($8.38 million) in 2020 to TND10.5 million ($3.64 million).

The Tunisian vehicle firm’s shares completed trading for the week at a price of TND12.26 ($4.25) per share, giving the business a valuation of TND367.5 million, while the Yedder’s 53.3-percent holding is valued at TND196.1 million ($68 million).