AlphaMena Corporate Services - Automobile reseau tunisien et services (ARTES) A thinner market share

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AlphaMena Corporate Services

Ghada JENDOUBI

EUR 236.14 For Business Accounts Only

A thinner market share

During Q3 2016, ARTESâ€™ sales amounted to TND33.014m vs. TND46.48m a year earlier, i.e. a decline of 29%. The dealerâ€™s gross margin also witnessed a 27% decline to TND6.81m. However, the gross margin rate gained 60 basis points to 20.6%.
The company has ended the first nine months with a revenue increase of 9.9% to TND131.3m against TND119.5m at the end of September 2015. The gross margin reached TND24.9m, i.e. a slight decrease of 0.6%.

28/10/2016 2 EN

Underlying

Automobile reseau tunisien et services

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TN0007300015 Tunis Stock Exchange Tunisia

Provider

AlphaMena Corporate Services

AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.

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Analysts

Ghada JENDOUBI

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During Q4 2016, ARTESâ€™ revenues reached TND49.402m vs. TND41.591m a year earlier, i.e. a 18.5% yoy increase. The dealerâ€™s gross margin witnessed a 20.2% progression to TND9.519m. Thus, the gross margin rate stood at 19.3% vs. 19% at the end of December, 2015. ARTESâ€™ FY2016 sales amounted to TND180.619m against TND161.11m, recording a 12.1% yoy progression. The annual gross margin was up by 4.4% to TND64.391m vs. TND32.939m in 2015. However, the gross margin rate decreased by 140 basis points to establish at 19%.

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A thinner market share

Automobile Reseau Tunisien & Services: 1 director

Strong comeback of market shares vs. declining margins

An almost stable market share

Resilient despite the turmoil

Tough year but better long term perspectives (Jordan Ahli Bank)

A boost is needed

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