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Thursday 16 July 2020
Home News Tunisia: ASSAD sees 62% decline in Group's net profits in 2019

Tunisia: ASSAD sees 62% decline in Group’s net profits in 2019

The Tunisian accumulator ASSAD has just published its individual and consolidated financial statements at December 31, 2019 as they will be submitted for approval to the Ordinary General Meeting to be held on June 24, 2020.

At the level of the consolidated financial statements, the Group saw its Net Income Group Share (RNPG) drop by 62.7% to 3.1 million dinars, compared to 8.3 million dinars in 2018. This sharp drop in profits is due to the surge in net financial charges due to exchange losses.

The Group achieved a global turnover of 154.4 million dinars, against 124.5 million a year earlier, i.e. an increase of +24%, while the Group’s total operating expenses amounted to 139.7 million dinars, against 115.5 million in 2018, thus recording an increase of 21%.</p>

To this effect, the group’s operating profit rose by 57.6% to 14.8 million dinars, compared to 9.4 million dinars a year earlier.

However, the group’s net financial charges absorbed more than half of the operating result, i.e. 8.2 million dinars, due to the +17% rise in interest charges to 5.7 million dinars and exchange losses of +100% to 4.9 million dinars.

As for exchange gains, they posted a decline of -72% to 2.4 million dinars.

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