Tunisia: BEST Lease reports net income of 5.576 MTD in 2016

    by -
    0 194

    Leasing company BEST Lease posted a net profit of around 5.576 million dinars in 2016 and plans to raise the figure to 6.2 billion dinars in 2021, its Chief Executive, Issa Hidoussi, said on Thursday.

    “To achieve this objective, the company plans to improve its market share and strengthen its presence in the country through the opening of 2 new branches, (it already has 9 branches) and also strengthen its sales team, the company said, adding that it will target new customers, particularly those in the medical sector.

    Speaking about the results of 2016, the official said that operating results amounted to 7.239 MDT against 3.122 MTD in 2012, while outstanding amounts increased to 214 MTD in 2016 against 127 MTD in 2012.

    Regarding The rate of classified receivables, it revealed that in 2016 they were at the level of 5.4%.

    In addition, the company posted an annual growth of 13.5% in the last 4 years, compared with 9% for the sector, which allowed it to gain new market shares of 6.4% % in 2016, compared to 3.15% in 2006.

    On another note, the manager announced that the company intends to steer the reserves (1.6 MTD) to strengthen its own funds. This decision will be authorized at the ordinary general meeting to be held on March 25.

    Best Lease will increase, from next year, the dividends distributed to its shareholders. These will evolve gradually from 11% in 2017 to 15% in 2022, said Issa Hidoussi, adding that the

    real value of the company’s share, currently priced between 1700 and 1900 millimes, should be around 7 dinars.

    “This is the case for the majority of publicly traded financial companies, value of shares of which is worth 3 to 5 times more than the listing price adopted,” he said.

    Founded in 1999, with a capital of 30 MTD and equity capital of 50 MTD, Best Lease specializes in financing leasing of movable and immovable investments for industrial, commercial and agricultural use.

    64% of the capital of the company is held by Al Baraka group, while the rest is held by 496 shareholders.

    NO COMMENTS

    Leave a Reply