As of December 31, 2025, the listed company SAH Tunisia reported (and not deferred, as written by management for the stock exchange, which would imply something else) cumulative net sales of TND 481.6 million, representing a slight lag of 0.4% compared with fiscal year 2024.
This was due to the near stability of domestic sales (+0.5%) and a 4.3% decline in export sales.
Sales in the fourth quarter of 2025 reached TND 139.8 million, an 8% increase compared with Q4 2024. This is according to SAH’s full-year activity indicators published on the BVMT website.
Overall debt up by 6.8%
According to the same data, as of December 31, 2025, baby hygiene products accounted for 36% of SAH Tunisia’s total sales, followed by paper hygiene products at 29%. The feminine and adult ranges contributed 19% and 12%, respectively.
The same source specifies that total debt rose from TND 245.5 million as of December 31, 2024 to TND 263.8 million as of December 31, 2025, an increase of TND 18.3 million.
Short-term debt increased by 6.8%, with no explanation provided in the individual indicators. Long-term debt also rose by nearly 12%, again without transparency in the company’s individual indicators published on the Tunis Stock Exchange (TSE) website.
According to broker Tunisie Valeurs, “the SAH Group is focusing on optimizing its working capital requirement by improving customer payment terms, reducing inventory levels, and negotiating favorable payment terms with suppliers, with the aim of reducing its short-term financial commitments.”
Profitability weighed down by heavy financial charges
On a consolidated basis, over the same period, the SAH Group’s net revenues reached TND 981.1 million, compared with TND 977.3 million at the end of December 2024, representing an additional TND 3.8 million in revenue and an annual increase of 0.4%.
This improvement in consolidated net revenues as of December 2025 was driven mainly by the commercial performance of Azur Détergent (+9.5%) and by foreign subsidiaries, whose net revenues reached TND 148.9 million, up 4.2% compared with the same period in 2024.
Sales of the Azur Détergent subsidiary amounted to TND 181.5 million, compared with TND 165.7 million as of December 31, 2024, representing annual growth of 9.5%.
Sales of SAH Algeria and Libya subsidiaries recorded a combined growth of 5.9%, reaching TND 114.3 million in revenue as of December 31, 2025.
Analyzing the group’s consolidated results for the first half of 2025, Tunisie Valeurs estimates that “the group’s results show modest revenue growth of 3.9%. SAH also experienced pressure on operating profitability.
Consolidated EBITDA declined by 7% as of the end of June 2025, reflecting a sustained increase in operating expenses. The consolidated indicators for the full year will later show a much more modest revenue growth figure.
The broker adds that “despite a more favorable exchange-rate environment and the monetary easing carried out in March 2025 in Tunisia, financial charges remain heavy, thus continuing to weigh on the net profitability of the national champion in hygiene products.”
