Beyond Tunisian borders, the group’s geographic expansion strategy is paying dividends. Excluding cosmetics and plastics activities, the net profit of the group’s subsidiaries surged 88.9% to 30.9 million dinars.
Subsidiary SAH Afrique (Senegal) led the portfolio with the strongest growth (up 17.4% to 34.6 million dinars), closely followed by robust performances from SAH Libya (+9.4% to 40.8 million dinars) and SAH Algeria (+3.1% to 72.8 million dinars).
Azur Cosmétique: The Cautionary note
The primary concern for 2025 stems from subsidiary Azur Cosmétique. In its first full year of industrial operations, the beauty division posted a heavy net loss of 25 million dinars, impacted by negative EBITDA of -4.2 million dinars.
From the outset, the subsidiary faced aggressive international competition and, notably, an intense campaign of social media commentary. While management characterizes the situation as a “cyclical trough” and anticipates a turnaround as early as 2026, the deficit weighed on the group’s consolidated EBITDA, which declined 6.4% to 175.3 million dinars.
Nonetheless, Group Net Income (RNPG) rose 2.7% to 63.3 million dinars, supported by the rest of the operations.
This external growth strategy has also put pressure on the balance sheet. SAH Tunisia is heavily financing the development of its subsidiaries, pushing its financial investments to 262.5 million dinars, a 27% increase.
