City Cars' Revenue Drops 36.3% in Q2 2024
During the second quarter of 2024, City Cars' revenue plummeted by 36.3%, reaching 47.5 million dinars (Mtnd) compared to 74.6 Mtnd recorded during the same period in 2023. This decline is attributed to a shift in the new vehicle supply program, which has been postponed to the third quarter of 2024.
For the entire first half of 2024, revenue decreased by 4.7%, standing at 137.5 Mtnd compared to 144.3 Mtnd the previous year. However, City Cars expects a return to growth starting from the third quarter, with a significantly higher volume of new vehicle supplies.
On a more positive note, investment products saw an 8.4% increase, reaching 6.035 Mtnd compared to 5.568 Mtnd during the same period in 2023. This growth reflects the company's effective investment management.
Net treasury decreased, amounting to 35.038 Mtnd compared to 54.758 Mtnd a year earlier.
This decline is offset by a 6.9% increase in payroll, which reached 2.106 Mtnd compared to 1.970 Mtnd in 2023.
