SIMAE's Revenue Down 8.5% in Q1 2025, Despite Resilient Exports
The Société Industrielle d'Appareillage et de Matériels Electriques (SIMAE) reported revenue of 10,774 MTND at the end of the first quarter of 2025, a decline of 8.5% compared to the same period in 2024.
Exports Show Resilience
Exports showed resilience, with a 4.4% increase to 3,829 MTND. However, the local market declined by 14.4% to 6,945 MTND. The demand from private operators decreased by 36.1% due to economic conditions and the onset of Ramadan, which spanned the entire month of March.
Sales to STEG Increase
Sales to the Société Tunisienne de l'Electricité et du Gaz (STEG) increased by 26.8% year-over-year.
Investments Triple
Investments more than tripled compared to the end of March 2024, totaling 0.843 MTND. This includes 0.361 MTND dedicated to the acquisition of new production equipment, 0.082 MTND in intangible investments, and 0.400 MTND allocated to financial investments.
Bank Debt Increases
SIMAE's bank debt increased by 0.904 MTND compared to the end of 2024, rising from 25,645 MTND to 26,548 MTND. Medium- and long-term financing stood at 0.950 MTND, while operating activities mobilized 25,598 MTND, mainly allocated to paying off supplier debts.
Market Performance
The company's stock remains down 7.8% since the beginning of the year. However, SIMAE announced a 2024 profit of 3,325 MTND, a 64.7% year-over-year increase, and a dividend of 0.180 TND per share. The current stock price ensures a net yield of 4.9%. If the stock price continues to decline, it becomes attractive not only in the short term but also for medium-term holding.
