STEG International Services has published its financial statements as of December 31, 2021 as they will be submitted for approval by the ordinary general meeting to be held on June 30, 2022.
These statements show a net profit of 1 million dinars, against a record loss of 16 million in 2020.
The subsidiary of STEG has achieved a total turnover of 119.1 million dinars last year, against 145.7 million a year earlier, down 15%. This figure is mainly due to revenues recorded on projects in Togo (40.5 million dinars), Cameroon (31 million dinars) and Guinea (17 million dinars).
As for operating expenses, they reached 113.4 million dinars, compared to 165.4 million dinars a year earlier, a decrease of 31% due mainly to lower purchases of supplies consumed which were down nearly 30 million dinars and the completion of the largest projects, namely the HT EDCL Rwanda Project and KPLC Kenya (Lot 2 & Lot 14).
As a result, the operating result moved again into positive territory in 2021 to 5.7 million dinars, against an operating result deficit of 19.7 million dinars in 2020.
Financial expenses, meanwhile, have fallen sharply to 3.8 million dinars, against 9 million at the end of December 2020. In the same vein, financial income fell by 56% to 5 million dinars, against 11.4 million a year ago.
Work inventories (including materials on site or being transported) relating to projects in progress, particularly in the Republics of Tanzania, Cameroon, Togo, Uganda and Guinea, were valued at 35.8 million dinars as of December 31, 2021, compared with 39.1 million at the end of December 2020, a decrease of 9%.