Net profit up 10.6%, equity accounting for 75.7% of total assets, positive net cash of 438 million dinars, and zero bank debt.
The financial statements of the Société de Fabrication des Boissons de Tunisie (SFBT) as of December 31, 2025 portray a company that does not quite follow the same rules as others, a financial fortress listed on the Tunis Stock Exchange, admired by analysts and tax experts alike.
An unusually strong balance sheet structure
Total assets reached 1.33 billion dinars at end-2025, up 3.8% from 2024. What stands out is the structure: equity amounts to 1.006 billion dinars, or 75.7% of total assets, an exceptional financial autonomy ratio in Tunisia’s industrial landscape, where most manufacturers rely heavily on debt.
Bank financing? It exists, but totals just 2,433 dinars, a negligible residual overdraft compared to the 1.33 billion in assets. SFBT owes virtually nothing to banks. Its funding relies on equity and customer deposits for returnable packaging (99.8 million dinars in non-current liabilities).
On the current assets side, the company holds 313 million dinars in cash and 125 million in short-term investments, totaling 438.2 million dinars in liquidity, more than half the dividends paid during the year. SFBT generates cash faster than it can invest.
Impeccable regulatory ratios
As a listed company, SFBT fully complies with Tunisian corporate law. Its legal reserve is fully constituted, and its Special Investment Account totals 165.2 million dinars, reflecting active tax management since 2011.
The equity-to-share capital ratio exceeds 375%, well above the threshold for dividend distribution.
Liquidity ratios are outstanding:
Current ratio: 4.0
Quick ratio: 3.09
Cash ratio: 2.30 (enough to repay short-term debt twice over with available cash)
Stable revenues, rising profits—how?
Revenue grew only 0.8% (from 836.6 to 843.4 million dinars), yet net profit rose 10.6% to 267.2 million. This is due to three factors: reduced procurement costs, improved operating performance (EBITDA up 10.3% to 262.5 million, or 31.1% of revenue), and higher financial income (from 3 to 9.7 million dinars) driven by cash investments.
The invisible holding company: 112 million in dividends
SFBT is not just a beverage producer, it heads a large industrial group. In 2025, it received 96.1 million dinars in dividends from subsidiaries, plus 16 million in financial income, totaling 112.1 million dinars—29% of pre-tax profit. Without this, net income would drop by a third.
Corporate tax reached 56.2 million dinars, plus 8.4 million in social contribution, totaling 64.7 million on pre-tax profit of 331.9 million, a 19.5% effective rate, below the statutory 25%. This reflects tax optimization via reinvestment schemes and incentives.
Provisions for risks rose 37% to 33.2 million dinars, mainly due to tax disputes (5.1 million fully provisioned). This suggests management sees a real risk of adjustment. Off-balance sheet commitments include 104.6 million dinars in discounted receivables, representing contingent risk.
90% payout: an aggressive distribution policy
SFBT paid 214.5 million dinars in dividends in 2025 (0.80 dinars per share), a payout ratio near 90%. The main beneficiary is majority shareholder Brasseries et Glacières Internationales (BGI). For 2026, dividends could reach 0.88 dinars per share (235.9 million total).
This generous policy is sustained by strong cash generation and modest investment needs (31.5 million dinars in 2025).
An industrial rent model
SFBT’s financials illustrate a rare model: a dominant industrial player in a regulated market, debt-free, generating excess cash and redistributing it to shareholders. With ROE at 26.5%, ROA at 20%, and net margin at 31.7%, its performance rivals top emerging market firms.
However, with revenue growth limited to 0.8% and constrained by regulation and low competition, SFBT appears more like a profit-distribution machine than a future growth engine.
