Finance

Tractafric Motors CI: Downward trend continues despite 2022 financial performance

Tractafric Motors CI: Downward trend continues despite 2022 financial performance
Wednesday, 01 February 2023 16:23

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.

On the same topic
• Bassirou Diomaye Faye denounces credit rating agencies’ methodologies as ill-suited to African contexts.• Senegal urges reforms to enable fairer...
(AfDB)-The Board of Directors of the African Development Bank Group has approved a $474.6 million loan for South Africa's Infrastructure Governance...
New card enables African payments without using US or European networks Aims to lower costs, protect financial data, and boost intra-African...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société Générale Burkina Faso (SGBF).•The move is part of...
Most Read
01

• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...

Israel-Iran conflict raises new threats for global shipping and oil trade
02

Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...

Telecoms: Lebara Enters Nigerian Market with Strong Competitive Ambitions
03

• Google unveils Veo 3, its latest AI tool for ultra-realistic video generation• Experts warn deepfa...

Deepfake Threat Becomes Alarming in Africa as AI Advances Faster Than Laws
04

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
05

• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...

Gates Foundation Pledges $1.6 Billion to Gavi to Boost Global Child Vaccination
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.