Tunisian Automotive Network & Service Company - Artes - Regains Momentum in 2024
The Tunisian Automotive Network & Service Company - Artes - has regained its footing this year. The first half of 2024 saw a net profit of 20,705 Mtnd, compared to 9,165 Mtnd for the same period in 2023.
Sales have accelerated, reaching 119,978 Mtnd. Revenues from new vehicle sales amount to 115,340 Mtnd (+53.7%), while those from spare parts sales total 3,082 Mtnd (+25.3%). Workshop services generated 1,005 Mtnd. The dealership made good use of last year's stockpiled vehicles and managed to control its operational expenses, resulting in an operating profit of 18,093 Mtnd, up 63.7% year-over-year. By relying on stock, the company preserved its treasury, and its investment products more than doubled, totaling 10,150 Mtnd.
Looking ahead, we believe the company will confirm these results in the coming months. As of the end of June 2024, the stock of new vehicles stands at 24,234 Mtnd, and new vehicles in transit amount to 29,331 Mtnd. This represents a significant portion of the company's third-quarter revenue.
Notably, on January 16, 2024, a temporary seizure of 112 vehicles was carried out by customs services. By August 31, 2024, the customs services granted Artes permission to remove 100 vehicles against a guarantee of the seized goods' value, amounting to 3,603 Mtnd. The company's management is currently submitting a request to the customs services to determine the form of guarantee required, either a bank guarantee or a deposit for the required amount.
The figures published by the dealership should be well-received by the market. The stock's yield has risen to 4.15% since the beginning of the year, and we believe it has potential for further growth.
