Tunisian Automobile Company (STA) Sees 23% Revenue Growth in Q1 2024

The Tunisian Automobile Company (STA) has reported a significant increase in revenue during the first quarter of 2024, with a 23% growth rate compared to the same period in 2023. The company's revenue rose from 13,025 million Tunisian dinars (Mtnd) to 16,058 Mtnd.

Increased Cost of Goods Sold

The cost of goods sold also increased, rising from 10,977 Mtnd to 14,629 Mtnd. This growth is attributed to the launch of new products and services, including the popular TIGGO 1X model, which was introduced on March 13, 2024, at an approved price of 34,068 Mtnd.

New "ALL INCLUSIVE" Offer

In January 2024, STA introduced an "ALL INCLUSIVE" offer for its TIGGO 8 range, which includes a one-year comprehensive insurance policy, a 250 DT fuel card, and five complete maintenance services.

Delivery Delays and Treasury Improvement

Despite these positive developments, delivery delays were observed due to disruptions in the Red Sea region, resulting in extended transit times for orders. However, the company's net treasury position improved, with a 47% repayment of credits during the first quarter of 2024.

Salary Expenses Increase

Salary expenses also increased by 6.3%, rising from 0.396 Mtnd to 0.421 Mtnd between the first quarter of 2023 and 2024.