The board of directors of the Tunisian Accumulator Assad, meeting on Monday November 6, 2023, approved the financial statements for the first half of 2023.
These statements show a half-year turnover of TND 37.3 million, a decrease of 13.7% compared to the same period in 2022. The corresponding result shows a loss of TND 7.1 million.
These figures, the company explains, are the result of the delay in the renewal of the recycling unit’s license, which led to a temporary halt in the supply of used batteries and the production of recycled lead.
The resumption of the recycling unit’s activities has enabled the company to return to profitability as of August 2023, which will improve the annual result compared to the half-year result.
This positive trend in profitability will be reinforced by the commissioning of the new sheet production unit, which incorporates new technology that will significantly reduce production costs.
From 2024, the expected application of the revised decree on the take-back of spent batteries should guarantee the company a known flow of spent batteries at a lower cost, which will have a significant positive impact on margins and therefore profitability.
In addition, the ramp-up of the new Assad Algeria plant will contribute to increasing sales and improving profitability in the coming months.
Finally, the company’s management is currently working on a financial restructuring to provide the company and the Group with the necessary resources to achieve its planned growth program for the period 2024-2028.
