Rabat – RCI Finance Maroc, Renault’s automobile financing structure in Morocco, has declared a 23.6% financing decline compared to last year, dropping by almost one fourth by the end of 2020 compared to December 2019.
In a press statement released on February 22, RCI Finance said the production cost of new Renault vehicles manufactured in the fourth quarter of 2020 alone reached MAD 831 million ($94 billion). The number is twice the budget the company invested in the same category earlier in the first quarter of the same year.
Renault’s net banking income regressed by 5.4% in 2020 compared to 2019. It went down from MAD 110 million ($12 million) in the fourth quarter of 2019 to MAD 75 million ($8 million) in the same period of 2020.
The company’s outstanding assets remained steady at MAD 6.6 billion ($744 million).
The outstanding assets related to customer business slightly increased, by 0.8%, between December 2019 and December 2020. Meanwhile, the outstanding assets related to network business decreased by 15.3% during the same period. The report attributes the decrease to the clearing of RCI-funded vehicle inventories.
Simultaneously, the financial debt has gone down from MAD 5.27 billion ($594 million) to MAD 4.93 billion ($556), illustrating the company’s strategy of diversifying its refinancing and optimizing the cost of its financial liability.
RCI Finance has strengthened its “leadership” position in Morocco’s automotive industry, the same source underlined.
The pandemic has heavily impacted the sales of Renault and Dacia vehicles in Morocco. Renault’s sales took off again in the last quarter of 2020 after resuming its activities.
The group produced a total of 277,474 vehicles in Morocco in 2020. With a cumulative share of 41.1% of the market, both Renault and Dacia Sader appeared as the top-selling cars in Morocco during the same period.
Marc Nassif, the general manager of Renault Maroc, expressed in January his satisfaction in maintaining a steady market share for four consecutive years.