The Tunisian Company of Pneumatic Industries (STIP) has just released its financial statements for the year ending December 31, 2018.
The tire manufacturer has significantly reduced its losses to 5.6 million dinars after a deficit of 27.5 million in 2017.
This reduction in losses is mainly due to the strong growth in income from 30.4 million dinars to 58.1 million dinars between 2018 and 2019, posting an increase of 91%.
As for the operating expenses, they went up 22.5% to 57 million dinars.
Therefore, the operating result showed a surplus of 1.5 million dinars against a deficit of 15.9 million in 2018.
Net financial charges fell by 42% to 7 million dinars against 12.1 million dinars a year earlier.
This drop is particularly due to the decrease in the amount of interest and penalties for late payment from 10.6 million dinars in 2017 to only 2.5 million dinars in 2019.