AlphaMena Corporate Services - ARTES (ARTES) Disappointing figures

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AlphaMena Corporate Services

EUR 236.14 For Business Accounts Only

Disappointing figures

In Q1 2016, ARTES revenues reached TND38.4m against TND13.9m at the end of March, 2015, i.e. a 176% surge benefiting from a positive effect in particular that the level of activity in the first quarter of 2015 was modest. However, the dealerâ€™s gross margin added only 135.3% to TND6.68m. Thus, the dealerâ€™s gross margin gave up 300 basis points to 17.4%.
The dealerâ€™s net cash position stood at TND104m on 31/03/2016, i.e.

25/04/2016 2 EN

Underlying

ARTES

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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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AlphaMena Corporate Services

The fourth quarter saves the year

At the end of 2015, ARTES revenues amounted to TND161M, i.e. a slight increase of 1.32 % compared to 2014. According to the Tunisian Agency of land Transport, the dealer of the diamond brand, through its 3 brands (RENAULT, DACIA and NISSAN) sold 7003 new vehicles during 2015. Despite an 8.93% decline compared to 2014, the brand RENAULT, with 4 224 sold units, ranked first in the segment of passenger cars with 10.93 % of market share, followed directly by the brands Kia (10.9 %) and Volkswagen (10.69 %). Moreover, the dealer is still improving its operational performances.

EUR 236.14

January 21, 2016 January 21, 2016 2 EN

AlphaMena Corporate Services

Declining activity pace

During the first half of 2015, ARTES reported a sharp decline of 36.32% in its revenues to TND73M against TND114.7M on 30/06/2014, due to a lower number of sold vehicles. Renault is no longer at the top, ranking in the fifth position with only 8.07% of market shares, i.e. a reduction in 426 pbs. The dealer sold 2 012 units during the first half of the year, i.e. a 40% decline compared to June 30th, 2014.

EUR 236.14

September 1, 2015 September 1, 2015 2 EN

Resilient despite the turmoil

Resilient despite the turmoil SIGNIFICANT NEWS Jordan Ahli Bank’s 9M 2020 net profit declined by 44.80%, yoy, to JOD8.885m due to the rise of the cost of risk which more than tripled reaching JOD12.430m. Loans and deposits rose by 1.81% and 0.25%, ytd, respectively, reflecting the harsh operating context. However, we expect the bank to maintain a strong equity generation capacity and we expect JAB’s Tier 1 to stand at 14.75% by the end of 2020 (vs. 14.54% in 2019). FACT Jordan Ahli Bank announced a high double-digit decline rate in its 9M 2020 net profit, reaching JOD8.885bn. The rise in...

November 27, 2020 November 27, 2020 3 EN

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

Tough year but better long term perspectives EPS CHANGE CHANGE IN EPS2020 : JOD 0.06 vs 0.05 +19.7% 2021 : JOD 0.09 vs 0.11 -15.6% We have revised upward our 2020 EPS (JOD0.06 vs. JOD0.05 previously forecasted) as we expect JAB to generate significant revenues, offsetting thus, the cost of risk’s rise (revenues would reach JOD108m vs. JOD97.2m previously expected). CHANGE IN NAVJOD 0.87 vs 0.97 -10.0% We have revised upward our NAV (JOD0.87 vs. JOD0.97 previously expected) due to JAB’s minor issues to enhance its capital generation capacity. CHANGE IN INTRINSIC VALUE JOD 0.86 vs 1.03 -16.6...

November 27, 2020 November 27, 2020 2 EN

Belhassen Achour

Belhassen Achour

A boost is needed

A boost is needed INITIATION COV. Founded in 1955, Jordan Ahli Bank (JAB), accumulates a banking experience that exceeds the 60 years. JAB, has been listed on Amman Stock Exchange since April 2007 and is, today, one of the 6 largest Jordanian banks in terms of assets. In 2019, Jordan Ahli Bank operated through four business segments. The most important segments are Retail and Corporate banking divisions. Meanwhile, the bank has Treasury and Financial Brokerage segments. In addition to its widespread network on the local market, the Jordanian bank also operates through four subsidiaries. Off...

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Disappointing figures

The fourth quarter saves the year

Declining activity pace

Resilient despite the turmoil

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

A boost is needed

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