Tawasol Group Holding (TGH) has just published its individual and consolidated financial statements for the year ended December 31, 2022.
These show that the Group returned to profitability in 2022, posting a net profit (Group share) of 1.15 million dinars, compared to a loss of 1.9 million dinars in 2021.
The Group generated revenues of 97 million dinars in 2022, compared with 79.3 million dinars in the previous year, representing a growth of 22%.
In terms of operating expenses, they increased from 76.7 million dinars to 87.7 million dinars, representing an increase of 14%.
As a result, the Group’s operating profit was in surplus at 9.5 million dinars compared to 3.8 million dinars in 2021, an increase of 147%.
In addition, net financial expenses fell to 7.1 million dinars compared to 8.2 million dinars at the end of December 2021.
Cash and cash equivalents increased from 3.8 million dinars at December 31, 2021 to 4.4 million dinars at the end of December 2022, a positive change of 587 thousand dinars.
Operating activities generated a positive cash flow of 7.7 million dinars, mainly as a result of the reduction in WCR of 2.2 million dinars and income before depreciation of 5.5 million dinars.
