(Ecofin Agency) - Tractafric Motors Côte d'Ivoire sold fewer vehicles in the first nine months of 2022, compared to 2021, but it generated more money and a slightly higher profit. This was seemingly not enough to end the decline in its stock performance.
Since January 2023, the stock value of Tractafric Motors Côte d'Ivoire has dropped 7.67% after a 24% decline in 2022 when the share recorded the highest trading volume (XOF665.7 million) since it was listed in 2004.
It is hard to pinpoint the reasons that motivated such a decline but, the downward trend coincides with a drop in Tractafric Motors CI's sales. As of the end of Q3-2022, the local auto market rose to a record 18,035 units sold.
But, Tractafric's sales drop to 1,761 cars sold (against 1822 in 2021) representing a 9.78% market share (against 12% in 2021) in a context where industry indicators show that mid and high-end cars are still popular in Côte d'Ivoire but competition from low-cost brands like Isuzu and Chinese brands is intensifying.
During the period, its turnover did rise to a record never achieved since 2019, according to its unaudited results. The results show that it sold XOF52 billion (up 8% compared to 2021) worth of cars while its net profit rose 3.1% (against a 158% rise in 2021).
The company is one of the few BRVM-listed firms with the highest percentage of public shareholding (75%). This could explain why its share performance is affected by changes in the company's performance. One of the much-awaited announcements, apart from the 2022 results, is the dividends. Since 2017, this dividend has continually risen to reach XOF175.68 in 2022.