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Tunisia : Income of over 1 Billion DT in 2007 and a decreasing RN .

After its failure to open to its strategic partner, the Tunisian State decided to liberate the capital of the national company for petrol distribution SNDP, at the Tunis Stock Market. We do not yet know officially what the amount of the float on the BVMT could be, but we think this will not exceed 20 % of the capital of this public company, whose capital exceeds 21,3 MDT. But, then how does the SNDP do?

Over 48 % market share.

Created in 1960 by the Italian group ENI, the Tunisian State buys three years later over 50 % of the capital and the rest in 1975. Two years later, it takes a new name and becomes the National Company for Petrol Distribution, to become in 2002 an SA. This enterprise

«is one of those large Tunisian public enterprises which, through the dynamism and diversity of their activities, support the national economy and ensure a continuous growth to it . its a turnover of 1276 million dinars in 2007, AGIL S.A, its trade name, plays a leading role on the way to progress and excellence in which engaged Tunisia of the new era. Through the development of its activities, AGIL S.A. ended in the first rank among the sector enterprises, with the sales volume as well as the importance of its turnover and the know-how of its human resources and it endeavours to keep this ranking by offering to its clients the best product and service quality», according to its presentation on its web site. It is everywhere through its 192 stations spread throughout Tunisia, its 54 port stations and its 6 air-port depots. 
The global market share of the enterprise is 48,70% of the fuel distribution market. In the aviation market it takes 60,51%, in the fuel market it takes 48,26%, 22,5 in the lubrificants and over 48 % in the gas distribution market. 

A profit of 27,3 MDT, but still decreasing.

According to the information we have, the enterprise registered in 2007, a total balance of 569,4 MDT, a small growth of 25,5 MDT compared to 2006 (543,8 MDT) when it increased substantially by 12 MDT compared to 2005. The enterprise also registered last year 2007 important revenues exceeding 1143 MDT rising by over 82,3 MDT compared to the previous year and with a net growth of over 227 MDT compared to 2005.

In DT 2007 2006 2005
Net Balance

569 416 780,706

543 874 734,028

430 971 402,303

Revenues

1 143 870 649,622

1 061 547 997,722

834 234 406,003

Exploitation Result

36 191 134,734

52 772 670,004

32 043 240,991

Net Result

27 318 528,350

33 495 424,455

20 045 038,654

These financial statements registered also a gross margin of over 102 MDT, a slight decrease of 5 MDT compared to 2006. The exploitation for 2007 was also decreasing by over 16,5 MDT after having registered an increase of over 20 MDT in 2006 compared to 2005. In the section exploitation charges, there are administration expenses of over 12,7 MDT, an increase of over 1,3 MDT compared to 2006, but it is most importantly the financial charges which are increasing of 1,158 MDT from one year to the other and a section «other ordinary losses» which is increasing of over 5,7 MDT.

The enterprise remains, however, for 2007, beneficiary with over 27,3 MDT, a profit which, however, regressed by de 6,1 MDT compared to 2006. It, still, has 1,8 MDT in reserves and over 109 MDT in deferred results.

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