Wealthy Tunisian Ben Yedder family loses $7 million in nearly six months

The market value of the wealthy Tunisian Ben Yedder family’s stake in Ennakl Automobiles has dropped by MAD78.2 million ($7.3 million) in the past 171 days, as shares in the Tunis-based automobile maker decreased by double-digit percentage points.

The drop in the market value of the family’s interest is the result of recent bearish sentiments on the Casablanca bourse, as investors continued to sell off shares on the stock markets amid fears of a global economic downturn, which could affect corporate financial performance.

These concerns have been exacerbated by a global scarcity of semiconductors, which analysts believe may have an influence on automakers’ market value due to increased production costs and decreased output, threatening both cashflows and profitability.

As a result of these bearish pressures, Ennakl shares on the Casablanca bourse have declined by 13.3 percent from MAD36.78($3.454) on March 16, 171 days ago, to MAD31.89 ($2.994) at the time of writing.

The 13.3-percent drop in the group’s share price reduced the market value of the family’s shareholding in Ennakl by MAD78.2 million ($7.3 million), from MAD588.23 million ($55.54 million) on April 11 to MAD510.02 million ($47.9 million) at the time of writing this report.

Ennakl is a Tunisian car dealership that sells Volkswagen, Audi, Seat, and Porsche vehicles. The company is run by Tunisian executive Abdellatif Hmam and is majority-owned by the ultra-rich Ben Yedder family, who control 53.3 percent of the company.

Aside from Ennakl Automobiles, the family has a significant investment in Amen Bank, a private sector bank headquartered in Tunis, Tunisia’s capital and largest city.

Amel Ben Yedder, Nabil Ben Yedder, Karim Ben Yedder, Wassim Ben Yedder, Hakim Ben Yedder, Halim Ben Yedder, and Rasheed Ben Yedder are members of the Yedder family.