Tunisian Accumulator Assad Publishes 2024 Financial Statements
The company has released its financial statements for the 2024 fiscal year, providing more details on the results announced in a press release a few weeks ago.
Revenue and Sales
The company's revenue for the year stood at 103,738 MTND, up from 89,092 MTND the previous year. Local and export sales progressed, totaling 48,742 MTND and 54,996 MTND, respectively, as of December 2024. Operating expenses followed the same pattern, increasing by 8.5% to 96,704 MTND.
Operating Result and Financial Charges
The operating result recorded a significant jump, from 0.505 MTND in 2023 to 7,644 MTND in 2024. However, the company still struggles with high financial charges of 9,623 MTND, resulting in losses of 2,513 MTND.
Customs Dispute
The major issue remains the outcome of the dispute with the customs authority, which imposed fines of 234 MTND on July 11, 2024. An appeal was filed against the judgment on July 15, 2024, and the appeal hearing, initially scheduled for May 9, 2025, has been postponed to September 26, 2025. Management is confident about the solidity of its defense.
Customs Amnesty
Furthermore, the management has submitted a request to join the customs amnesty program established by the 2025 Finance Law. A customs proposal dated May 2, 2025, has set the taxes, duties, and penalties due at 20,300 MTND, payable in 20 quarterly installments until January 27, 2030.
Second Customs Infraction
In addition, the company submitted a request to join the customs amnesty program on June 9, 2025, regarding a second alleged customs infraction, which is the subject of a seizure report dated October 9, 2023, related to a shipment of lead in the Kasserine area, the origin of which could not be proven by the scrap dealer who claimed to have intended to deliver the lead to Assad. The customs authority is seeking fines totaling 42,770 MTND, according to the request transmitted to the prosecutor's office. The company is not aware of a scheduled hearing date. However, the management has opted for the customs amnesty, which would cap the penalties to be paid in this case at an estimated 3,000 MTND.
September Deadline
The September deadline is crucial for the company's future and its shareholders. On the market, Assad has posted a remarkable performance of 272.58% since the beginning of the year. The market believes in the management's ability to improve the company's operational performance.
