Tractafric Motors posts first net profit decline in five years

Daba Finance/Tractafric Motors CI posts 43% drop in annual net profit

AFRICAN STOCKS AND FINANCEMay 30, 2024 at 2:57 PM UTC

TLDR

Tractafric Motors in Ivory Coast faced a 42.80% decline in net profit in 2023 due to increased personnel costs and company expenses.
Despite the profit drop, the company experienced an 11.19% increase in turnover, reaching 77.88 billion FCFA, driven by higher service and accessory product sales.
Operating income decreased by 38.02% to 3.25 billion FCFA, showing the impact of rising expenses on the company's financial performance.

After four consecutive years of growth, Ivory Coast-based Tractafric Motors reported a significant decline in net results for the 2023 financial year, with a net profit of 2.08 billion FCFA ($3.4 million), down 42.80% from 3.64 billion FCFA in 2022.

This decrease is primarily due to a 23.71% rise in personnel costs and a substantial 155.06% increase in other company expenses, resulting in a 38.02% drop in operating income to 3.25 billion FCFA.

Despite these setbacks, the company's turnover saw an 11.19% increase, reaching 77.88 billion FCFA, up from 70.09 billion FCFA the previous year, reflecting higher sales of services and accessory products.

Points clés à retenir

Tractafric Motors Côte d’Ivoire, the 33rd most valuable stock on the BRVM with a market capitalization of XOF 23.6 billion (approximately 0.28% of the BRVM equity market), has yet to release information regarding shareholder bonuses. The stock closed on Wednesday at 2,300 XOF per share, marking a 2% gain from its previous closing price of 2,255 XOF. Since the beginning of the year, Tractafric Motors' share price has risen by 21.1%, up from 1,900 XOF, positioning it as the third-best performer on the BRVM in terms of year-to-date performance.

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