The “Société des Industries Pharmaceutiques de Tunisie” (SIPHAT) published its interim financial statements as at 30 June 2020.
In the first half of 2020, the public company recorded a net loss of 9.75 million dinars, compared with a deficit of 7.2 million at the end of June 2019.
Indeed, SIPHAT achieved a turnover of 9.3 million dinars, at the end of June 2020, against 13.5 million a year earlier, a decrease of 31%. This decrease is mainly due to the sharp decline in sales to the public (-84%) and sales to hospitals (-50%).
As for operating expenses, they fell from 20.2 million dinars at the end of June 2019 to 16.2 million dinars at 30 June 2020, down 20%, mainly due to the decline in the purchase of consumables (-49%).
On the other hand, personnel costs increased by 3% to 9.2 million dinars, which represents almost all of the company’s income.
As a result, the operating result showed a deficit of 6.9 million dinars, compared to a negative result of 6.7 million in the first half of 2019. The company’s net financial expenses increased almost fivefold between June 2019 and June 2020, from 600 thousand dinars to 2.9 million dinars.
In addition, the company’s auditors point out in their report that “due to the significance of the reservations and limitations raised, the financial statements closed on June 30, 2020 do not give a true and fair view, in all material respects, of the interim financial position of the company SIPHAT, as well as its financial performance and its cash flows for the period ended on that date”, in accordance with the accounting system for companies in force in Tunisia.