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Wednesday 1 February 2023
HomeNewsTunisia: GIF Filter announces net loss of 5 million dinars in 2020

Tunisia: GIF Filter announces net loss of 5 million dinars in 2020

The company GIF Filter has just published its financial statements closed on December 31, 2020. These statements show a net loss of 5 million dinars, against a loss of 5.3 million in 2019. Therefore, the cumulative losses of the subsidiary of the UADH group amount to 12 million dinars.

Under 2020, the company has achieved a turnover of 2.7 million dinars, against 10.7 million a year earlier, down 75%. These revenues are divided between local sales for 1.7 million dinars and 1 million for export sales.

As for operating expenses, they fell from 14.8 million dinars in 2019 to 7.1 million in 2020, a drop of 52%. These expenses are mainly composed of personnel costs for 3.5 million dinars and depreciation and provisions for 1.3 million.

As a result, the operating result shows a deficit of 4.4 million dinars in 2020, against a negative result of 4 million dinars a year earlier.

The company’s equity at the end of December 2020 amounted to -2.1 million dinars, a loss of capital.

The company’s auditors point out in their report that GIF Filter has not been able to provide them with the latest update of agreements on receivables and investments, acts of guarantee and financial statements of group companies in which it holds investments and receivables for a total amount of 5.8 million dinars, or 35.35% of total assets.

Besides, the company is currently undergoing a thorough tax audit covering the years 2019 and 2020, the results of which have not yet been notified.

It should be recalled that a procedure of judicial recovery for the benefit of GIF Filter was opened in September 2022.

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