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Ennakl Automobiles, the Tunis-based automobile company majority owned by the wealthy Ben Yedder family, one of Tunisia’s richest families, reported double-digit earnings growth at the end of its 2022 fiscal year, with profits exceeding $12 million during the period under review.
Ennakl Automobiles is a leading car dealership in Tunisia, specializing in premium vehicles from well-known manufacturers such as Volkswagen, Audi, Seat, and Porsche.
The company is led by Abdellatif Hmam and is majority-owned by the multibillionaire Ben Yedder family, who own 53.3 percent of the company.
The Ben Yedder family, which includes Amel, Nabil, Karim, Wassim, Hakim, Halim, and Rasheed, has a notable presence not only in the automotive industry but also in the financial sector as significant investors in Amen Bank, a prominent private sector bank located in the heart of Tunis.
According to figures in its recently published financial statement, the group’s profit increased by 17.4 percent from TND31.83 million ($10.47 million) in 2021 to TND37.37 million ($12.2 million), demonstrating its remarkable resilience in the face of operational challenges.
The company’s impressive financial performance can be attributed to effective management strategies that kept operating costs manageable while optimizing the gains from sustained revenue growth.
Despite disruptions caused by a shortage of semiconductors, a critical component in automobile manufacturing, the company demonstrated strong consolidated revenue growth, increasing by 5.65 percent from TND538.11 million ($177.04 million) to TND568.54 million ($187.11 million).
As a result of its strong financial performance, its total assets increased during the year from TND345.35 million ($113.65 million) to TND495.31 million ($163.02 million), while retained earnings increased from TND117.85 million ($38.78 million) to TND136.01 million ($44.76 million).
This financial performance under the leadership of the multimillionaire Ben Yedder family, cements Ennakl’s position as one of Tunisia’s most profitable automobile retailers.
