In 2023, the ASSAD Group will generate total revenues of 117.6 million dinars, compared to 129.4 million dinars in 2022, a decrease of 9.5%.
Operating expenses decreased from 129.7 million dinars in 2022 to 116.5 million dinars in 2023, down 10.2%.
As a result, the group had an operating surplus of 1.1 million dinars in 2023, compared to an operating loss of 216 thousand dinars in 2022.
However, net financial expenses continue to weigh heavily on the group’s performance. These costs have increased by 45.5% compared to 2022 to reach 10.5 million dinars, absorbing the entire operating surplus achieved.
As a result, the consolidated net result showed a deficit of 9.6 million dinars in 2023, compared with a net loss of 8.6 million dinars the previous year.
On July 11, 2024, the Ben Arous Court of First Instance issued a judgment ordering the company, in solidarity with its former legal representative, to pay fines totaling 234 million dinars following proceedings initiated by the Tunisian customs authorities in connection with the purchase of used batteries from local scrap dealers who were unable to provide proof of origin, the alleged illegal import of used batteries and the (unauthorised) disposal of used batteries imported under a suspensive regime.
The management of the parent company claims that it legally collects waste batteries on the local market, that it has all the necessary administrative permits to import waste batteries and that it has exported all the production resulting from the processing of imported waste batteries in accordance with the regulations, and that the failure to dispose of the imported waste batteries is due to the blocking of the NGP code by the customs authorities.
An appeal has been lodged against the judgment of July 15, 2024 and management is confident of the strength of its case.
Management believes that, despite the significant nature of the fines, it has all the legal arguments it needs to defend itself on appeal.
