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Fenie Brossette gives up its activities

Fenie Brossette has alerted on its results covering the past year. The company specializing in the marketing and sale of equipment, products and services for the building, public works and industry announced the abandonment of new activities in Morocco and West Africa.

At issue: the insufficiency of the expected results after the expansion of its offer in Ivory Coast and Mauritania where the company has concessions for the marketing of NewHolland, Iveco and IvecoBus brands. For example, Fenie Brossette decided to provision the risk related to certain receivables relating to discontinued operations. Added to this is the impact of a tax audit for the years from 2013 to 2016. However, the company remains confident in maintaining its sales and margin.

Regarding debt, it has been reduced by MAD 46 million between 2017 and 2018, a total reduction of MAD 143 million over the last five years. Net debt thus stands at 120 million dirhams.

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