City Cars Publishes 2024 Interim Financial Statements
City Cars, the authorized KIA car dealership, has released its 2024 interim financial statements. The revenue stands at 135,186 Mtnd, a 6.3% year-over-year decrease. As announced in July, this trend is due to a shift in the new vehicle supply program for the 3rd quarter of 2024 compared to the initially planned program during the 2nd quarter. The stock of new vehicles in transit amounts to 75,354 Mtnd, in addition to those in storage, which total 25,264 Mtnd.
Revenue Breakdown
The revenue is primarily composed of new vehicle sales (112,593 Mtnd), excluding popular cars, which reached 16,163 Mtnd. Spare parts generated 3,480 Mtnd, including 2,075 Mtnd for those sold in workshops. The commercial margin stands at 13.2% compared to 15.86% the previous year, a decline that explains the 37.4% drop in operating income to 10,671 Mtnd. Investment products, achieved through excess treasury, totaled 6,023 Mtnd. However, net financial expenses tripled to 1,700 Mtnd, mainly due to interest on discounted bills, which cost 1,651 Mtnd.
Dividend Yield and Market Outlook
City Cars, known for its generous dividend distribution, boasts an annual yield of 12.18% since the beginning of the year. The market is highly confident in the company, and all signs indicate that the third quarter will be excellent. If the stock price is fluctuating, take advantage of the opportunity to buy, and you won't regret it.
