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Tunisia: overall revenues of listed companies near stagnation in Q1

Activity indicators of listed companies in Q1 of 2020 showed near stagnation in their overall earnings (-0. 48%) compared to the same period last year, standing at 4.152 billion dinars against 4.172 billion.

64% of companies which released their Q1 indicators, that is 49 out of 77, saw an improvement in their revenues in comparison with the same period in 2019, according to a note on the development of indicators and earnings of listed companies published Thursday by the Tunis Stock Exchange.

Till April 20, the statutory date, 33 listed companies (41%) disclosed their indicators for the three-month period before the number rose to 77 by late May, that is 95% of listed companies.

The 20 companies that make up Tunindex20 have a revenue share of 66% corresponding to 2.7 billion dinars, posting a 0.5% rise compared to the same period last year.

NBI of listed companies grows 7.6%

Twelve listed banks achieved in Q1 of 2020 a combined net banking income (NBI) of 1 221 million TND against 1 135 million TND in the same period last year, i.e. a 7.6% rise.

The overall net income of 7 leasing companies surged down 2.20% in the first three months of the present year compared to Q1 of 2019, reaching 107 million TND against 105 million TND.

Listed insurance companies saw written premiums reach 286 million TND compared to 280 million TND (+2%)

A 2.9 % growth in the overall earnings of the three main goups operating in the consumer goods sector (Poulina Group Holding, Délice Holding and SFBT) was reported, jumping from 1 071 million TND to 1 102 million TND.

11% drop in turnover of car dealers

The four car dealers saw their overall turnover fall 11% in Q1 2020 to reach 233 million TND against 208 million TND in 2019.

The turnover of listed large retailers (Monoprix and Magasin Général) surged 6.2% in the first three-month period compared to Q1 of 2019, standing at 391 million TND against 369 million TND.

Three out of 9 sectors posted higher revenues: the financial corporations sector reported the strongest growth (5.4%) followed by the consumer products sector (+1.6%).

The telecommunications segment suffered the sharpest drop (-49.4%) in five sectors.

Eight sub-sectors showed poor performances, including raw materials (-25.6%), chemistry (-23. 9%) and industrial goods and services (-17.8%).

Development of income per company

The highest revenue increases were achieved by CIMENTS DE BIZERTE (+26.8%), ATB (+21.9%), DELICE HOLDING (+21.6%), ADWYA (+21%) and WIFACK INTERNATIONAL BANK (+15.7%).

SIMPAR suffered the sharpest drop (-78.8%) along with SIPHAT (-72.4%), GIF-FILTER (-69.9%), AMS (-61.4%), SERVICOM (-54%) and TAWASOL GROUPE HOLDING (- 49.3%).

The outstanding public debt at the end of March 2020 amounted to 83.5 billion dinars, of which 71% are made up of external debt and 28% of domestic debt, according to the budget execution report recently published by the Ministry of Finance.

According to projections of the 2020 budget law, the outstanding debt will reach 94 billion dinars at the end of this fiscal year, which represents 75.1% of GDP, compared to 72.4% in 2019.

In addition, 48.4% of the external debt is contracted within the framework of multilateral cooperation, 35.8% with the financial market and 15.9% under bilateral cooperation.

The same document shows that 55.5% of Tunisia’s foreign debt is contracted in euros, 27.7% in dollars, 11% in yen and 5.8% in other currencies.

As for public debt servicing, it stood at 2.7 billion dinars at the end of the first quarter, including 1.6 billion dinars under domestic debt, with a 34% increase compared to the same period in 2019, and 1 billion dinars in external debt (-33% compared to 2019).


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