City Cars Publishes 2023 Annual Financial Statements

City Cars has released its 2023 annual financial statements, reporting a revenue of 360,758 Mtnd, a 9.0% increase compared to 2022. The majority of this figure comes from new vehicle sales (295,637 Mtnd) and popular new vehicle sales (49,931 Mtnd). Additionally, new vehicles exempt from taxes generated 5,586 Mtnd in revenue. Aftermarket part sales totaled 4,803 Mtnd, with 1,558 Mtnd coming from over-the-counter sales.

Commercial Margin and Operating Result

City Cars' commercial margin stands at 53,529 Mtnd, representing a 14.82% rate, down from 15.09% in 2022. This slight decrease is attributed to the product mix, with popular vehicles accounting for a larger share of revenue (13.8% in 2023 vs. 9.4% in 2022).

The operating result grew by 2.5% to 39,799 Mtnd. City Cars' EBITDA reached 41,532 Mtnd, up from 39,645 Mtnd in 2022. The structurally surplus treasury generated 7,489 Mtnd in investment income, benefiting from rising interest rates. This amount largely covered financial expenses of 1,479 Mtnd. The net result stands at 30,118 Mtnd, a 5.4% improvement over the previous year.

Stock and Market Position

As of year-end, the company held a stock of new vehicles worth 64,187 Mtnd and new vehicles in transit valued at 48,056 Mtnd. This comfortable level enabled City Cars to record a 29.1% revenue increase in the first quarter of 2024, reaching 89,926 Mtnd. The KIA brand secured the top position in Tunisia's automotive distribution market as of March 2024, with a market share of 13.6%.

Consolidated Accounts and Dividend Proposal

On a consolidated basis (City Cars, City Cars Gros, Logistics Cars, and Green Sicar), the group's net result was 31,718 Mtnd, up 4.6% compared to 2022.

The Board of Directors has convened an Ordinary General Meeting of shareholders on May 24, 2024, proposing a gross dividend distribution of 1,250 Tnd per share, equivalent to a net yield of 8.27%, or TMM + 0.30%.