Despite a challenging economic environment, Poullina Group (PGH) demonstrated solid financial and operational strength in 2025, posting a 3% rise in consolidated revenue to 3,569 million dinars (MDT), according to the company’s latest earnings release.
The agri-food division remained the group’s top revenue contributor, accounting for 42% (1,749 MDT), followed by poultry integration (27.6%) and trade & services (9.6%). International exports reached 344 MDT, or 10% of total sales, led by steel transformation (40%) and agri-food products (34%).
Poultry integration (+6.6%) and agri-food (+7.4%), which together generate 70% of group revenues, stood out as the primary growth drivers.
Operating margins improve
Gross profit rose 6.3% to 1,329.9 MD, supported by disciplined procurement policies and a more favorable product mix. The gross margin rate increased 1.1 percentage points to 37.4%.
EBITDA advanced 2.4% to 627.1 MD, reflecting tight control over operating expenses, with the EBITDA margin stable at 17.6%. Excluding one-off items, this positive trend is expected to continue into 2026.
Higher earnings, controlled Debt
Net profit, group share, jumped 26.4% to 204.9 MD, driven by a reduction in financial expenses (down 22.6 MD) and a 15.7 MD positive contribution from JM Holding.
Gross debt remained nearly flat at 2,303 MD (-9 MD), with gearing well controlled at 128% and net debt/EBITDA improving to 3.7x from 5.1x in 2022. Working capital requirements fell 3% to 894 MD, equivalent to 90 days of revenue.
Ambitious 2026–2028 Strategic Plan
PGH’s 2026–2028 business plan targets average annual revenue growth of 4.6%, aiming for 4,079 MD by 2028. The investment program ramps up significantly, with an average annual envelope of 336 MD, compared with 195 MDT in the prior period.
Key investment areas include building materials, agri-food, poultry, packaging, and photovoltaic installations.
A flagship project: a new industrial unit in Gabès dedicated to producing dicalcium phosphate (DCP), a high-value animal feed additive and nutritional supplement for international markets. The investment is estimated at 250 MDT, with progress already at 40%.
In addition, a carve-out of the agri-food sector — aimed at granting it operational and strategic autonomy — is being prepared, with completion expected in the fourth quarter of 2026.
Generous shareholder returns
The dividend per share rose 48.9% to 0.670 dinars. The group is also carrying out a capital increase through reserve incorporation, offering one free share for every twenty shares held.
Structuring ESG commitment
On the environmental front, PGH has deployed photovoltaic installations across 43 sites (17 MWc), generating energy savings of 35,000 tons of oil equivalent per year (+96%) and avoiding 87,000 tons of CO₂ emissions per year (+95%).
The solid waste recycling rate reached 95%, while the water reuse rate stood at 72%, significantly exceeding the national target of 50%. On the social side, 4,000 precarious contracts were converted into permanent roles, and 1,800 subcontractors were sustainably integrated.
In governance, the internal audit function was centralized, and the share of purchases made from SMEs rose to 42%.
In summary, the 2025 fiscal year confirms PGH’s trajectory: sharply improved profitability, well-controlled debt, an ambitious investment strategy backed by an ongoing energy transition, and a responsible social model.
Source: MAC SA
