Sanimed Reports 4% Decline in Revenue in Q1 2025
In the first quarter of 2025, Sanimed, a company specializing in the manufacture of ceramic sanitary products, reported a 4% decline in revenue compared to the same period last year. According to the activity indicators published on April 23 by the company, this decline is mainly attributed to the local market.
Revenue stood at 7.26 billion Tunisian dinars (Mtnd) as of March 31, 2025, compared to 7.57 Mtnd a year earlier. This decline is due to a significant drop in sales on the Tunisian market, which fell by 20%, from 4.58 Mtnd to 3.68 Mtnd. Sanimed attributes this underperformance to the tense national economic situation and the disruptions caused by the entry into force of the new check legislation.
On the other hand, exports have made significant progress. Export revenue reached 3.59 Mtnd, compared to 2.99 Mtnd in the first quarter of 2024, representing a 20% growth. Although this dynamic is positive, it is being held back by still-limited production capacity. However, Sanimed's management anticipates a significant improvement from the second quarter onwards, thanks to an ongoing capital increase operation aimed at strengthening the company's industrial capacities and responding to growing foreign demand.
In terms of production, a slight decline of 2% was recorded, with 6.32 Mtnd produced compared to 6.42 Mtnd the previous year. On the investment side, Sanimed released 109 Mtnd, a amount well below the 254 Mtnd invested in the first quarter of 2024, representing a 57% decline, which could reflect a strategic caution in an uncertain economic context.
Finally, the company's bank commitments reached 109.7 Mtnd at the end of March 2025, a slight increase of 0.5% compared to the end of December 2024. This growth is driven by an increase in medium- and long-term debt (+7%), while short-term debt decreased by 5%, indicating a prudent rebalancing of the financial structure.
