2023-09-20 19:47:59
The Board of Directors of the AUTO HALL Group met on September 19, 2023 to examine the evolution of the activity and close the accounts at the end of June 2023. At the start of the meeting, President Abdellatif Guerraoui informed the Board of his decision to place his mandate as Chairman at the disposal of the Council.
The Council, while regretting this decision, wanted to pay unanimous tribute to Abdellatif Guerraoui and express its warm congratulations for the work accomplished.
A man of experience
Abdellatif Guerraoui, who joined the company’s Board of Directors on November 30, 1998, assumed the functions of Vice-President then Vice-President and Managing Director until December 31, 2003 then Chairman and Managing Director of the company and its subsidiaries from January 1, 2004 until March 3, 2020, the date on which he handed over the mandate of Managing Director and served as Chairman of the Board. Throughout the exercise of his functions and through his exceptional human and professional qualities, he was the architect of the development of the Group.
The Board of Directors noted with satisfaction that Guerraoui will continue to sit on the Board of Directors and decided to confer on him the title of Honorary President of the AUTO HALL Group.
The Board has appointed Karim Ghellab Chairman of the Board of Directors as of September 19, 2023. The latter has been a director of the company since May 25, 2021. “In addition to his brilliant career in politics, Karim Ghellab has ensured through his long experience of high responsibilities both in the public sector and in the private sector within the Kingdom”, welcomes the group listed on the Casablanca Stock Exchange.
Financial indicators impacted by the sectoral situation
Consolidated turnover stood at MAD 2,197 million at the end of June, down 11% compared to June 2022. The pace of investment, initiated by the Group as part of its development strategy, combined with the erosion margins and the unavailability of certain models resulted in a decline in profitability, with an EBITDA margin of 8% compared to 10% in 2022.
Furthermore, the unfavorable evolution of exchange rates and the increase in financing costs impacted the Group’s consolidated profit before tax, which stood at MAD 9 million at the end of June 2023, down compared to MAD 145 million for the year. former.
Perspectives
The AUTO HALL Group continues to implement its action plan aimed at limiting the impact of the current situation on its commercial and operational performance. At the end of August, the delay in volume was reduced to -9% compared to -13% at the end of June 2023 and that of turnover to -6% whereas it was -10% at the end of June 2023. This trend should continue over the coming months and augurs a favorable impact on the year-end accounts.
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