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HomeNewsTunisia: STIP significantly reduces its losses in the first half of 2019

Tunisia: STIP significantly reduces its losses in the first half of 2019

The “Société Tunisienne des Industries de Pneumatique” (STIP) has just published its interim financial statements at June 30, 2019.

These statements show a net loss of 485 thousand dinars, against a loss of 1.75 million dinars at the end of June 2018 and 5.6 million on December 31, 2018.

For the first half of 2019, the tire manufacturer has improved its turnover by 5 million dinars compared to the same period in 2018 to 30.4 million dinars.

Revenues from the local market stagnated at 23.6 million dinars, while revenues from the export market more than tripled from 2 to 6.5 million dinars.

As for operating expenses, they increased from 23.9 million dinars to 29 million dinars between June 2018 and June 2019.

The operating result thus shows a surplus of 1.37 million dinars against 1.74 million dinars at the end of June 2018.

 On the other hand, the company saw its net financial charges drop by 42% to 2 million dinars, compared to 3.4 million on June 30, 2018.

Despite this clear improvement in the company’s financial situation, the company is still facing problems at the port of Rades relating to the waiting time for ships and difficulties in the management of containers.

This situation penalizes the company’s activity in the sense that it lacks raw materials to meet its commitments to its customers.

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