The Tunisian report on public enterprises for the 2020–2021 period, published by the Ministry of Finance, painted a mixed picture. Out of 114 public enterprises identified, 88 were included in the consolidated analysis after excluding 15 entities whose 2021 accounts were unavailable, seven financial-sector companies treated separately, three social security funds, and one inactive company.
The report suggests an apparent accounting recovery driven by the global commodity price shock, rather than a resolution of the structural divide between enterprises benefiting from economic rents and those sinking deeper into losses.
Activity boosted by commodity price shock
The combined operating revenues of the 88 enterprises rose from TND 26.9 billion in 2020 to TND 34.5 billion in 2021, an increase of TND 7.6 billion, or 28%.
At the national level, this represents a sector generating TND 34.5 billion in revenue, roughly one-quarter of Tunisia’s GDP. The surge was not the result of productivity gains but rather of higher global commodity prices and the post-COVID economic recovery. Of the 88 enterprises analyzed, 59 recorded revenue growth.
Key performers included:
The Tunisian Company of Refining Industries (STIR), whose revenues jumped by TND 2.88 billion (+60.3%), driven by imported crude oil prices and TND 2.07 billion in state energy subsidies.
The Tunisian Electricity and Gas Company (STEG), with revenue growth of 23.8% thanks to recovering demand.
The Tunisian Chemical Group (GCT), whose revenues more than doubled (+102.4%) amid soaring processed phosphate prices.
The Tunisian Company of Petroleum Activities (ETAP), up 60.5% following the launch of the Nawara gas field.
The Gafsa Phosphate Company (CPG), up 83.2%.
The Grain Office, up 17.4%.
The National Petroleum Distribution Company (SNDP), up 11.8%.
Costs rose, but more slowly
Operating expenses also increased significantly, rising from TND 28.5 billion in 2020 to TND 34 billion in 2021, an increase of TND 5.55 billion, or 19.5%.
STIR alone accounted for more than half of this increase, with expenses rising by TND 2.85 billion (+61%) due to higher imported crude oil costs.
STEG’s expenses rose by 21.2%, reflecting soaring energy prices, reduced Algerian natural gas supplies following the Russia-Ukraine conflict, and the depreciation of the Tunisian dinar.
The Grain Office recorded a 19.6% increase in costs due to higher input prices.
Notably, the sector’s wage bill remained almost unchanged, increasing from TND 4.11 billion to TND 4.18 billion, a rise of just 1.5%. In a period of high inflation, this effectively translated into a decline in employees’ purchasing power.
Operating profit returns to positive territory
The gap between revenue growth (+28%) and expense growth (+19.5%) generated a positive operating effect.
The combined operating result of the 88 enterprises improved from a loss of TND 1.56 billion in 2020 to a profit of TND 512.4 million in 2021, an improvement of TND 2.08 billion.
Top operating profits were recorded by:
STEG: TND 304.4 million
GCT: TND 288.6 million
ETAP: TND 242.7 million
CPG: TND 176.2 million
STIR: TND 140.7 million
However, 45 of the 88 enterprises still posted negative operating results, with combined losses of TND 1.21 billion.
The largest operating losses were recorded by:
Tunisair: TND 363.3 million
Transtu: TND 205.8 million
Office of Civil Aviation and Airports (OACA): TND 173.1 million
Tunisian Trade Office (OCT): TND 108.7 million
Tunisian National Railways (SNCFT): TND 100.1 million
Net results remain deeply negative
Once financial and tax charges are included, the picture becomes less favorable.
The consolidated net result of the 88 enterprises improved from a loss of TND 2.98 billion in 2020 to a loss of TND 1.13 billion in 2021, a reduction in losses of TND 1.85 billion, or 62%.
Despite the improvement, the sector remained structurally loss-making.
The ten most profitable enterprises generated combined net profits of TND 498.4 million, led by:
GCT: TND 133 million
National Agency for Petroleum and Fuel: TND 96.9 million
Merchant Marine and Ports Office: TND 61.6 million
Meanwhile, the ten worst-performing enterprises accumulated net losses of TND 1.46 billion, including:
Grain Office: TND 477.2 million loss
Transtu: TND 225.6 million loss
OACA: TND 173.4 million loss
ETAP: TND 139 million loss
SNCFT: TND 137.3 million loss
OCT: TND 120.2 million loss
Notably, CPG and GCT, leaders in operating profits, also contributed significantly to positive net results, illustrating how phosphate-related revenues can quickly become highly profitable when global prices rise.
A fragility that prices can no longer hide
The report highlights three key lessons:
Extreme concentration: Just ten enterprises account for 80–82% of total sector revenues.
Heavy dependence on global commodity prices: Favorable price cycles can boost results, but the reverse can happen just as quickly.
Persistent structural losses: Transport, aviation, grain procurement and state-regulated trade continue to generate chronic deficits.
Ultimately, the 2021 rebound reflected a favorable external environment rather than a deep restructuring of Tunisia’s public enterprise sector. The apparent recovery was largely cyclical, not structural.
