Société Accumulateur ASSAD recorded a 14.9% decline in overall revenue during the first three months of 2026, falling to 23.2 million dinars (MD) from 27.2 MD in the same period of 2025, according to the company’s latest financial release.
However, the top-line drop masks two contrasting trends: solid growth at home and a sharp slowdown abroad.
Domestic revenue rose 9.1% to 15.5 MD, compared with 14.3 MD in Q1 2025, confirming the brand’s strengthening position in its historic market.
In contrast, export revenue plunged 41.3% to 7.6 MD, down from 13 MD a year earlier. Management attributed the underperformance to a volatile international environment, but primarily to a temporary delay in renewing the import license of its Algerian subsidiary, BAA.
Production and investment down
In line with the export slowdown, production volume (in standard battery equivalent) fell 34.0% to 150,044 units. Against this cautious backdrop, capital expenditures on tangible and intangible assets were slashed 64.9% to just 134,000 dinars.
Major structural deleveraging
The quarter’s highlight lies in the company’s balance sheet management, as ASSAD continues to clean up its finances.
An analysis of debt structure reveals a clear strategy: medium- and long-term debt was cut by more than half (-52.1%), reflecting a drastic reduction in structural financial commitments.
Meanwhile, working capital credit lines grew 12.5%, a rise directly linked to the need to fund ongoing operations and maintain operational flexibility during this transitional period.
