Ennakl Automobiles Reports Financial Results for 2024
Ennakl Automobiles held its financial communication meeting today, May 27, to discuss its 2024 results. The company reported a net income of 44 million dinars (Mtnd) for the 2024 fiscal year, representing a 27% increase compared to 2023, when it stood at 34 Mtnd. The consolidated net income also saw a 20% increase, reaching 48 Mtnd in 2024, up from 40 Mtnd the previous year.
However, the company's consolidated revenue decreased, falling from 645 Mtnd in 2023 to 594 Mtnd in 2024, primarily due to restrictions imposed by the Ministry of Commerce's General Import Program (PGI). This program limits the number of vehicles imported each year, directly impacting the Tunisian market.
In detail, Ennakl sold 6,599 cars and 97 trucks in 2024, achieving a market share of 12% for cars and 18% for trucks. New vehicle sales continue to dominate the company's activity, representing 89% of total revenue, or 560 Mtnd.
The spare parts business recorded revenue of 102 Mtnd in 2024, a 16% increase compared to 2023. It generated a gross margin of 23 Mtnd and a net income of 13 Mtnd, representing a 30% increase.
Ennakl Automobiles, which employs 334 people and has an extensive network of 35 full agencies, 10 parts and services agencies, and 11 parts agencies, continues to expand its territorial coverage. Its main sites are located in La Charguia (30,000 m²), La Goulette (60,000 m²), and Ain Zaghouan (300 m²).
The company is focusing on innovation and diversification, aiming to maintain its revenue and net income at the same level as in 2024. Ennakl plans to launch new models, strengthen its after-sales service, and develop its offer of hybrid and electric vehicles in the Tunisian market. The sales target for 2025 is set at 6,564 vehicles (13.1% of the PGI) and 1,110 popular cars.
It is also worth noting that Ennakl has been selected by the Tunis Stock Exchange and the World Bank to join the first cohort of Tunisian companies accompanied in the production and dissemination of ESG reports, thereby reinforcing its commitment to social and environmental responsibility.
