SFBT's Financial Performance Remains Strong Despite Economic Uncertainties
First Half 2024 Results: Profitability and Revenue Growth
Despite the country's economic situation and purchasing power, SFBT has sufficient capacity to generate even more profits. The financial statements for the first half of 2024 show profits of 154,627 Mtnd, up from 150,215 Mtnd for the same period in 2023.
However, like last year, the operating result decreased by 2.8% to 79,378 Mtnd. The 2.7% increase in revenue to 367,091 Mtnd was entirely absorbed by the rise in operating expenses, which totaled 290,619 Mtnd, a 4.0% year-over-year increase.
The EBITDA for the first half of 2024 stood at 95,270 Mtnd, a 1.0% increase compared to 2023. Thanks to investment products worth 94,587 Mtnd, the company boosted its performance. These products are divided between investment income (12,573 Mtnd) and dividends on participation titles (82,013 Mtnd). As a reminder, SFBT's net cash position as of June 30, 2024, stands at 71,450 Mtnd. The social solidarity contribution totals 3,014 Mtnd as of June 30, 2024.
Litigation and Appeals
In 2023, SFBT was subject to a CNSS control for the 2020, 2021, and 2022 fiscal years. On July 8, 2024, SFBT was notified of 1,592 Mtnd. The company is waiting to receive the CNSS liquidation statement to appeal the decision.
Regarding the 19,985 Mtnd fine imposed by the Competition Council, the company will appeal the decision once it receives the official notification.
Outlook and Dividend Distribution
Overall, we believe that the second half of the year will follow the same trend, especially since demand for various products is expected to peak during the tourist season. Even if the company provisions for the two aforementioned cases, it will be able to distribute as many dividends as it wants.
Stock Performance
On the stock exchange, the title has yielded a 14.46% return since the beginning of the year. There is no doubt about the quality of SFBT, which remains one of the rare defensive values on the Tunisian stock market.
