Tunisian Accumulator Assad Achieves 40% Revenue Growth in Q1 2024

During the first quarter of 2024, Tunisian Accumulator Assad reported a revenue of 19,147 Mtnd, a 40.0% year-over-year increase. Local market sales totaled 6,880 Mtnd, up 48.6%. The majority of revenue came from exports, which grew 35.6% to 12,267 Mtnd during the first three months of the year.

This dynamism is reflected in production, which increased by 18.5% to 192,813 standard battery equivalents. The company's total debt also rose to 98,071 Mtnd, a 3.4% increase compared to March 2023. Additionally, Assad invested 0,522 Mtnd.

While these figures are promising, it's essential to consider that the company benefited from a favorable base effect. The first quarter of 2023, used as a basis for calculating variations, was catastrophic, with revenue plummeting 45.3%. Sales in the first quarter of 2024 are still far from those recorded during the same period in 2022, which stood at 24,984 Mtnd. This was due to the delay in renewing the recycling unit's accreditation, which had to stop for a month. This rebound is therefore the result of the resumption of activity at this unit. A correct assessment of Assad's activity should be made at the end of the second quarter.