The Tunisian Accumulator Group ASSAD has just published its consolidated financial statements closed on December 31, 2020.
Penalized by the combined effect of lower revenues and higher financial expenses, ASSAD Group saw its net income group share swing into the red last year.
Thus, the consolidated turnover of the group showed a decline of 20% to 122.7 million dinars, against 154.4 million a year earlier.
As for operating expenses, they fell from 139.7 million dinars in 2019 to 116.5 million at the end of last December, down 16%.
As a result, the group’s operating income came out in a 58% drop to 6.2 million dinars, compared to 14.8 million in 2019.
This operating surplus was absorbed by net financial expenses, which amounted in 2020 to 11.2 million dinars, against 8.2 million a year earlier, a growth of 37%.
This balance is composed of 7.3 million dinars of net interest expenses, 6 million of foreign exchange losses and 2.1 million of foreign exchange gains.
As a result, 2020 ended with a net income group share deficit of 4.75 million dinars, against a profitable RNPG of 3.1 million in 2019.