Taysir Microfinance, a subsidiary of the HORCHANI Group and Tunisia’s first licensed microfinance institution, has announced a significant increase in profitability for 2023.
The company reported a net profit of 12.7 million dinars, marking a 22.7% rise from the 10.3 million dinars earned in 2022.
According to the financial statements for the year ending December 31, 2023, Taysir Microfinance recorded operating income from microfinance activities of 38.1 million dinars, up from 31 million dinars the previous year.
Operating expenses also increased, totaling 9.5 million dinars compared to 7.8 million dinars in 2022.
This growth led to a 23.6% increase in net income from microfinance activities, reaching 28.6 million dinars by the end of December 2023, up from 23.1 million dinars in 2022.
However, the company’s expenses also saw an uptick. Staff costs rose from 6.2 million dinars in 2022 to 7.6 million dinars in 2023, while general operating expenses increased to 4 million dinars, compared to 3.4 million dinars the previous year.
Despite these rising costs, Taysir Microfinance’s operating income remained robust, with a surplus of 15.3 million dinars at the end of 2023, up 21.6% from the 12.5 million dinars recorded in 2022.
