Ennakl Automobiles Reports Q3 2024 Financial Results
Revenue Down 16% YoY, but Margins Preserved
Ennakl Automobiles has announced a revenue of 124,438 Mtnd for the third quarter of 2024, a 16.0% year-over-year decline. The gross margin stood at 20,003 Mtnd, compared to 21,649 Mtnd for the same period in 2023.
Since the beginning of the year, revenues have reached 435,101 Mtnd, a 1.8% decrease compared to September 2023. However, the company has managed to preserve its margins, with a gross margin of 19.68% compared to 19.51% the previous year.
The financial operating result has improved by 167%, reaching 13,092 Mtnd, which is promising for the year's profit. This is due to the increase in received dividends and the reduction in overall debt, from a balance of 26,465 Mtnd at the end of September 2023 to 2,732 Mtnd this year.
During the third quarter, the company received its first MSI 20000 certification, delivered by the French certification body Coficert. This certification confirms the company's ability to meet the strictest financial management requirements.
On the market, Ennakl remains underperforming by -8.56% since the beginning of the year, but we believe it can finish the year strong. The sector has escaped any tax revision in the 2025 finance bill. As a reminder, the net result for the first half of the year stood at 31,749 Mtnd. A stock to keep in the portfolio at least until the next dividend season.
