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HomeNewsTunisia: SOTUVER's net profits drop by 30% in 2019

Tunisia: SOTUVER’s net profits drop by 30% in 2019

The “Société Tunisienne de Verreries” (SOTUVER) has just published its individual financial statements for the year ending December 31, 2019.

These statements show a net profit of 12 million dinars, against 17.3 million in 2018, i.e. a decline of 30%.

In 2019, the company’s revenues posted a slight growth of 3.3% to 96.6 million dinars, including 50.9 million from export sales.

As for operating expenses, they amounted to 81.6 million dinars, against 74.5 million dinars a year earlier, an increase of 9.5%.

As a result, the operating result fell by 20% to 16.8 million dinars, compared to 21.1 million dinars a year earlier.

Moreover, the net financial charges of the company have more than doubled last year from 2.2 million dinars in 2018 to 4.8 million at the end of last December including 2.7 million relating to interest on loans.

Regarding the Coronavirus crisis, SOTUVER says that the company has a solid financial situation and continues its investments through the creation of a new subsidiary named SGI totally exporting with a capital of 33.3 million dinars specialized in the industry of hollow glass packaging and with a production capacity of 300 tons per day, in order to meet the excessive demands.

In addition, in order to safeguard the ovens and ensure a production allowing to serve a sector as vital as the food industry, and thanks to the mobilization and dedication of employees, some production lines could be maintained during the general lockdown decided by the State since March 22, 2020.

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