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Tunisia: SERVICOM Group announces record net loss of 66 million dinars in 2018

SERVICOM has just published its consolidated financial statements for the year ending December 31, 2018 as they will be submitted for approval to the Ordinary General Meeting of Shareholders to be held on November 24, 2020.

The Group is suffering the heaviest net loss in its history.

Even the most pessimistic forecasts had not dared to anticipate such a disappointment.

At the end of fiscal year 2018, the SERVICOM group posted a net loss of 66.1 million dinars, against a loss of 15 million in 2017.

Never in its history, had the group recorded such a catastrophic result.

This large deficit is the result of the combined effect of falling revenues and strong growth in expenses.

Therefore, the Group’s turnover fell by 58% to 20.6 million dinars, while operating expenses soared by 34% to 78.7 million dinars due to the establishment of a provision of 28.9 million dinars on the company SERVITRA.

As a result, the Group’s operating result is a loss of 58 million dinars, compared to a loss of 8.3 million dinars a year earlier.

To this operating deficit, are added financial charges of 7.1 million dinars and ordinary losses of 1.3 million dinars.

The Statutory Auditors indicate that the possible effects of the Coronavirus crisis may have an adverse effect on the financial position and results of the company and the group as a whole for fiscal year 2020 and subsequent years.

The Statutory Auditors indicate that the possible effects of the Coronavirus crisis may have an adverse effect on the financial position and results of the company and the group as a whole for fiscal year 2020 and subsequent years.

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