Air Liquide Tunisie Publishes Q1 2025 Indicators with a 2-Month Delay
Air Liquide Tunisie has finally released its indicators for the first quarter of 2025, two months behind schedule.
Revenue Down 5.2%
The company's revenue stood at 9,589 MTND, a 5.2% decrease compared to the same period last year. This decline is attributed to both export (-3.5% to 2,268 MTND) and local (-5.7% to 7,320 MTND) activities.
Production Down 2.7%
As of the end of March 2025, production decreased by 2.7% compared to the same period in 2024. This decline is mainly due to a 23% drop in nitrogen production, partially offset by a 12% increase in oxygen production.
Margins and Profitability
The cost of goods sold margin reached 4,681 MTND, while the gross operating surplus stood at 0,959 MTND. The cash flow from operations (BFR) significantly decreased, from 79,710 MTND in Q1 2024 to 45,209 MTND in Q1 2025. This variation is attributed to an improved policy for tracking and recovering customer receivables, which led to a 9-day reduction in the average payment delay compared to the same period last year, despite payment difficulties encountered with public sector clients. Net debt is even negative, at -57,558 MTND.
Investments and Outlook
Net investments have almost doubled compared to those made in Q1 2024. A renovation project for the compressors of one of the two production units is underway to maintain the reliability of nitrogen and oxygen production.
Market Reaction
The delay in publishing the indicators went unnoticed by the market, which focused on the annual results and dividends, which were in line with expectations. The stock has already gained 13.98% since the beginning of the year, a comfortable return for shareholders and better than the market.
