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Ennakl Automobiles, the Tunis-based automaker controlled by the wealthy Ben Yedder family, one of Tunisia’s richest, posted strong financial results in the first three months of its 2024 fiscal year, with the group’s revenue surging above $45 million in the first quarter of 2024.
According to figures in its recently published financial statement, the group’s revenue climbed to TND141.18 million ($45.1 million) in the first quarter of 2024, up from TND137.94 million ($44.07 million) a year earlier, for a modest 2.34-percent increase. This demonstrates the company’s resilience in the face of operational challenges.
Resilience in core markets drives growth
Ennakl saw its net cash balance surge to TND18.92 million ($6.04 million) during the period under review, up from TND14.7 million ($4.7 million) a year earlier. This 28.65 percent increase reflects the company’s effective financial management strategies.
However, the company also grappled with rising financial expenses. Ennakl’s total debt, encompassing short-term loans, long-term loans, and short-term financing credit, surged by 56.54 percent year-over-year, climbing from TND7.74 million ($2.47 million) in March 2023 to TND12.12 million ($3.87 million) by March 2024.
Ennakl maintains growth amidst challenges
Ennakl Automobiles, a Tunisia-based car dealership, specializes in premium vehicles from Volkswagen, Audi, Seat, and Porsche. Abdellatif Hmam leads the company, which is majority-owned (53.3 percent) by the billionaire Ben Yedder family.
Ennakl navigates the evolving economic landscape while prioritizing financial stability and sustainable growth in its current fiscal year. The company remains focused on optimizing operational efficiency, effective debt management, and fostering strong partnerships to achieve long-term market success.
The Ben Yedder family, including Amel, Nabil, Karim, Wassim, Hakim, Halim, and Rasheed, extends its reach beyond autos. They are significant investors in Amen Bank, a prominent private-sector bank in Tunis.
Despite challenges, Ennakl has maintained its commitment to its workforce and suppliers. Strong financial performance is evident; total assets rose from TND453.52 million ($24.27 million) to TND461.96 million ($24.7 million) during the period under review.
