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Tunisia: STIP makes a net profit of over 23 million dinars in 2021

statements closed on December 31, 2021 as they will be submitted for approval to the Ordinary General Assembly to be held on June 30, 2022.

The sole producer of tires in Tunisia has generated last year a net profit of 23.5 million dinars, against 142.2 million in 2020.

The exceptional items recorded in 2020 and in particular the profits resulting from the transactional agreements concluded with banks explain this situation.

It should be recalled at this level that the operating profit generated in 2021 is 16.7 million dinars, against only 7.3 million at the end of 2020.

The gross margin achieved in 2021 is set at 43 million dinars, against 29.2 million in 2020, posting an increase equal to 13.8 million dinars.

In comparison to the value of production of the year, it represents 35.6% in 2021 against 37.2% at the close of the previous year.

In addition, the revaluation of the buildings and non-built properties has generated a capital gain of 74.2 million dinars recorded in the equity. This allowed to reduce the equity from -95.3 million dinars in 2020 to +2.4 million as of December 31, 2021, or 3.9 million dinars below half the share capital.

Given the deficit carryover, the STIP remains subject to the minimum tax on companies which was set at December 31, 2021 at 283,615 dinars, or 0.2% of local turnover and 0.1% of export turnover, against 161,159 dinars at the close of the previous year recording an increase equal to 122,456 dinars due to the increase in revenue in 2021.

In 2020, the STIP has been called to a thorough tax audit. In the year 2021, this control was closed. The Administration has accepted the credit of corporate tax, released by the accounting against an amount of 312,107 dinars settled by the STIP.

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