Dividends distributed for the 2024 financial year by companies listed on the Tunis Stock Exchange rose by 13.4% to reach TND 1.58 billion.
This performance is all the more notable as it comes after two consecutive increases in 2023 (+10.6%) and 2022 (+10.8%). The individual profits of listed companies also followed a steady growth trend over the period.
Although the number of listed companies declined by eight between 2022 and 2024 due to delistings, the number of dividend-paying companies remained broadly stable, at between 48 and 49.
It should be noted that the delisted companies had virtually no impact on the number of dividend payers, as among the eight delistings, only Céréalis distributed dividends in 2022.
As a result, the proportion of dividend-paying companies improved markedly over the period, rising from 60% in 2022 to 66% in 2024.
The number of non-dividend-paying companies decreased year after year, reaching 25 in 2024, compared with 33 in 2022.
Over the period, around one-third of non-distributing companies were profitable (10 out of 29). The profits generated were used to strengthen equity, either to build reserves, as in the case of STB (2024 profit of TND 82.5 million), or to offset past losses, as in the case of Carthage Cement (2024 profit of TND 70.3 million).
The total amount of dividends distributed recorded its third consecutive increase over the 2022–2024 period, rising from TND 1.259 billion in 2022 to TND 1.58 billion in 2024, an increase of 25.4% (+TND 321 million).
The year 2024 posted the highest dividend growth (+13.4%), driven in particular by the two major sectors, Financial Companies and Consumer Goods, which grew by 9.5% and 19.2%, respectively.
Cash and beer flow freely
Financial companies, mainly banks and insurance firms, accounted for more than 61% of total dividends distributed, confirming their role as the market’s main dividend driver.
The contribution of the Consumer Goods sector continued to improve, rising from 23% in 2022 to 25% in 2024.
This strong second-place position is mainly due to SFBT, which represents 53% of the sector and 14% of the overall market.
The 2024 financial year stands out for recording the highest growth rates of the period, both in terms of profits (12.3%) and dividends distributed (13.4%). For dividends, the two most important sectors, Financial Companies and Consumer Goods, which together accounted for 86% of the total in 2024 posted increases of 9.5% and 19.2%, respectively.
Overall, over the period studied, with the exception of 2023, dividends moved in line with the profits generated by companies.
