Home » Tunisian Ben Yedder family loses more than $3.7 million in 23 days from stake Ennakl Automobiles

Tunisian Ben Yedder family loses more than $3.7 million in 23 days from stake Ennakl Automobiles

by Omokolade Ajayi

The Tunisian Ben Yedder family has lost approximately $3.7 million in 23 days due to a single-digit percent fall in the shares of Ennakl Automobiles, as investors reduced stakes in the auto retailer in line with their plans to shift capital into companies with significant upside potential.

Ennakl is a Tunisian automotive retailer engaged in the retail sale of Volkswagen, Audi, Seat and Porsche vehicles. 

As a leading retailer in the Tunisian automotive industry, Ennakl competes for market share in Tunisia alongside significant brands such as Automobile Reseau Tunisien et Services and Auto Hall S.A, under the leadership of Abdellatif Hmam.

Aside from their group governance obligations, the wealthy Tunisian Ben Yedder family has a majority stake in the vehicle retailer, with 15,993,246 issued shares in the group.

The recent drop in the market value of their interest can be attributed to a single-digit percentage reduction in the group’s shares, despite the business generating more than $186.6 million in sales in 2021.

Ennakl Automobiles shares were valued at TND11.50 ($3.99) as of press time on Feb. 23, down 2.08 percent from their starting price of TND11.75 ($4.08) on the Tunis Stock Exchange this morning.

Since the start of this year, the group’s shares have fallen from TND12.3 ($4.27) to TND11.5 ($3.99) at the time of writing, resulting in a 6.5-percent loss for shareholders over the past 23 days.

The market value of the family’s 53.3-percent stake in Ennakl Automobiles has dropped from TND165.7 million ($57.5 million) on Feb. 1 to TND154.9 million ($53.8 million) as of the time of drafting this report.

In total, the multimillionaire family has lost TND10.8 million ($3.7 million) in the past 23 days.

Ennakl revealed in a recent trade update that its consolidated revenue in 2021 rose by 20.05 percent to TND538.28 million ($186.7 million), up from TND448.4 million ($155.5 million) in 2020.

The company’s good financial performance was driven by its strong retail distribution channels and a surge in demand for mobility throughout the review period, despite the challenges it faced in 2021 as a result of the pandemic’s impact on its operations.

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