2025: A Year of Contrasts for Siphat
The year 2025 has come to a close on a mixed note for the Tunisian Pharmaceutical Industries Company (Siphat). While the activity indicators for the fourth quarter show an impressive commercial dynamic, the company's overall financial health remains under pressure.
A Spectacular Leap in Sales
Siphat ended the year on a high note with a 78% increase in sales compared to the end of 2024. This result is driven by a significant boost in the official form, with sales literally exploding. However, this positive picture has some dark areas. On the one hand, the hospital segment is in decline, with sales to hospitals plummeting by 56%. On the other hand, exports have come to a standstill, with no sales recorded internationally during this period.
Increased Production and Strategic Investments
To support this demand, production has followed the same curve, with a 65% increase. Again, it is the official form that is driving the machine upwards, compensating for the decline in the hospital sector. Faithful to its ambition to modernize, the company has also made significant investments this quarter to strengthen its operational capabilities.
A Heavy Debt Burden
This is the major point of concern: Siphat's debt has swelled by 17% in one year. Several factors explain this financial burden:
- Arrears owed to social security funds (CNRPS and CNAM) amounting to 39.8 million dinars.
- Tax obligations and loans (FADES, treasury) weighing heavily on the balance sheet.
- A current liability (suppliers and banks) approaching 58.8 million dinars.
A Leaner Human Structure
In terms of personnel, the company is continuing its restructuring. As of December 31, 2025, Siphat had 379 permanent employees, representing an 11% reduction in its payroll over the past year.
