Ali Alghanim & Sons Automotive reach robust financial growth for Q2 of 2024
(MENAFN) Ali Alghanim & Sons Automotive Company has reported a significant improvement in its financial performance for the second quarter of 2024, with net profits increasing by nearly seven percent compared to the same period last year. The company’s net profits reached 7.941 million dinars (around USD25.98 million) in Q2, up from 7.425 million dinars in the previous year. This growth is attributed to a rise in car sales, which reflects the company’s successful expansion efforts and heightened market activity.
In addition to the quarterly gains, Ali Alghanim & Sons reported a 6.3 percent increase in its semi-annual profits, totaling 14.258 million dinars for the first half of 2024, compared to 13.415 million dinars for the same period in 2023. The company’s financial results, available on the Kuwait Stock Exchange website, highlight its robust performance and the beneficial impact of increased vehicle sales on its profitability.
The continued rise in profits underscores the company’s effective strategy in leveraging market demand and enhancing its sales performance. This positive financial trend illustrates Ali Alghanim & Sons’ strong standing in the automotive sector and its ability to achieve profitability despite a competitive market environment.
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