City Cars Unveils Financial Results for Q1 2024, Revealing a Mixed Bag of Performance
At the end of the first quarter of 2024, City Cars has disclosed its financial results, offering a nuanced glimpse into its performance in the Tunisian automotive distribution market.
The figures reveal a significant increase in the company's revenue, rising from 69,673 million dinars (Mtnd) in Q1 2023 to 89,927 Mtnd in Q1 2024, representing a 29.1% growth.
A notable highlight is the dominant position of the KIA brand in the Tunisian market, with a market share of 13.6% in Q1 2024. This dominance underscores the confidence of consumers in the brand's products and its continued commitment to customer satisfaction.
However, not all data points are trending upward. The company's investment products have recorded a slight decline, falling from 1,458 Mtnd in Q1 2023 to 1,274 Mtnd in Q1 2024, representing a 12.7% decrease. This variation could be attributed to various factors, including fluctuations in financial markets.
On the other hand, City Cars' net treasury has increased, rising from 41,691 Mtnd in Q1 2023 to 50,550 Mtnd in Q1 2024, representing a 21.2% growth. This increase testifies to the company's prudent management of liquidity and its ability to maintain a solid financial foundation.
Regarding personnel expenses, the payroll has also increased, rising from 0.969 Mtnd in Q1 2023 to 1,037 Mtnd in Q1 2024, representing a 6.9% increase. This evolution can be interpreted as an investment in human resources to support the company's growth.