Higher than expected growth but disappointing profitability
During 2016, Auto Hall’s consolidated revenues increased by 15% (against MAD5.064bn expected by AlphaMena and MAD5.8bn estimated by the management) compared to MAD4.401bn a year earlier. The parent company’s sales established at MAD3.944bn (vs. MAD3.491bn projected by AlphaMena), i.e. a 28% growth compared to 2015. EBITDA witnessed a 4% progression to MAD453m. Moreover, the consolidated net result dwindled 13% to MAD192m vs. MAD221m in 2015 on the back of a tax adjustment.The proposed dividend was set at MAD6 (vs.
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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