STEG International Services has just published its financial statements for the year ending December 31, 2019 as they will be submitted to the approval of the Ordinary General Meeting to be held on December 18, 2020.
The STEG subsidiary last year achieved a total turnover of 192.8 million dinars (of which 99.7% from exports), against 112 million in 2018, an increase of 80.7 million dinars or +72%.
This strong growth in revenues is mainly due to revenues recorded on new projects started in 2018 in Rwanda, Tanzania and Uganda.
As for operating expenses, they reached 178.5 million dinars, compared to 100.8 million in 2018, up 77%, mainly due to the increase in supply purchases consumed (+31 million dinars), other operating expenses (+25.7 million dinars) and personnel costs (+2.4 million dinars).
As a result, the operating income is up 27% to 14.3 million dinars, compared to 11.2 million in 2018.
In addition, the company’s net financial expenses have dropped significantly in 2019 to 6.7 million dinars, compared to 12.3 million a year earlier, a decline of 45%.
As for financial income, it amounted to 11 million dinars, compared to 13 million in 2018.
Therefore, the year 2019 ended with a net profit of about 12.7 million dinars, compared to 8.9 million a year earlier, a growth of 43%.