The growth of the overall turnover of the Tunisian Society of Pneumatic Industries (STIP) observed in 2019 continued in 2020 despite the slight decline in exports caused by the pandemic.
Indeed, the revenues of the only tire manufacturer in Tunisia showed an increase of 16.4% at the end of the past year to 72 million dinars, against 61.9 million a year earlier.
This performance is particularly due to the surge in revenues in the last quarter of 2020 during which the company achieved a turnover of 24 million dinars, up 59%.
As for the company’s exports, they went down from 10.5 million dinars at the end of December 2019 to 9.2 million at the end of last December (-13%).
On the domestic market, the STIP’s revenues will amount to 62.9 million dinars in 2020, compared to 51.4 million a year earlier, an increase of 22.5%.
In addition, the production volume in 2020 grew 56% compared to the previous year to reach 7,077 tons against 4,535 tons.
Another highlight of 2020, the company’s banking commitments fell sharply by 65% in one year, from 210.6 million dinars in 2019 to 73.3 million at the end of last year.