SIAME Announces 2024 Financial Results: Net Profit Up 64.7%
The Industrial Company for Electrical Equipment and Materials (SIAME) has announced that its Board of Directors has approved the financial statements for the 2024 fiscal year. The net profit has reached 3,325 MTND, a 64.7% increase year-over-year.
This positive result comes as a surprise, given that the company reported a 6.8% increase in revenue to 43,818 MTND, according to activity indicators published in January 2025. This figure is lower than the company's forecast of 46,000 MTND. SIAME's strategy for the year involved passing on the increase in raw material and component prices to finished product prices, if the increase exceeded 2%.
The company's debt has increased by 1,068 MTND in 2024, with a growing need for working capital. SIAME has worked on reducing customer accounts to a maximum of three months' worth of sales and rationalizing the average stock value to 18,000 MTND. As a reminder, the first half of the year was strong, with a net profit of 1,748 MTND, but the pace of the second half was more sustained than expected.
Shareholders are summoned to an Ordinary General Meeting on May 15, 2025. Among the resolutions to be voted on is the proposed dividend of 0.180 TND per share, representing a dividend yield of 4.7%, which is in line with market averages. Yesterday's announcement is expected to have a partial positive impact on the stock price, which is seeking catalysts for an upward rally.
