STEG International Services has published its financial statements closed on December 31, 2020 as they will be submitted for approval at the ordinary general meeting to be held on November 16, 2021.
The subsidiary of STEG has achieved an overall turnover of 145.7 million dinars (including 99.6% export) in 2020, against 192.8 million (including 99.7% export) in 2019, down 47.1 million dinars (-24%).
It comes mainly from revenues recognized on projects carried out in Rwanda, Kenya and Togo, for a cumulative amount of 123.2 million dinars, which represents about 85% of overall revenues.
Trade receivables fell from 125.2 million dinars at the end of 2019 to 109.7 million at the end of 2020 (in gross values), a regression of 12%. They represent 75% of revenues and 54% of total assets in the balance sheet closed at December 31, 2020.
Operating expenses reached 165.4 million dinars, compared to 178.5 million a year earlier, a decrease of 7%, mainly due to the completion of the most important project, namely the HT EDCL Rwanda Project (for 10% in 2020 against 60% in 2019).
As a result, the operating result goes into the red in 2020 to -19.7 million dinars, compared to a surplus operating result of 14.3 million in 2019.
Financial expenses, meanwhile, increased further to 9 million dinars, compared to 6.6 million at the end of December 2019.
On the other hand, financial income amounted to 11.4 million dinars, against 11 million a year earlier.
As a result, the net result for the year comes out in deficit of 15.9 million dinars in 2020, compared to a net profit of 12.7 million in 2019.
Work-in-progress inventories (including materials on site or being transported) relating to projects in progress, particularly in the Republics of Tanzania, Cameroon, Togo, Kenya and Uganda, were valued at 39.2 million dinars as of December 31, 2020, compared with 58.5 million as of December 31, 2019, a decrease of 33%.
