SITS, Tunisian Real Estate Developer, Releases 2023 Financial Results
The Tunisian real estate developer, SITS, listed on the Tunis Stock Exchange, has published its financial results for 2023. The company's revenue reached 7,512 million Tunisian dinars (Mtnd), a 69.3% increase compared to 4,436 Mtnd in 2022.
Successful Projects and Sales
The Zohret Soukra project has been a significant success, with sales totaling 5,330 Mtnd. The operating result reached 1,897 Mtnd, a 147.6% increase year-over-year. As a result, the company has achieved a profitable year, with a net result of 1,983 Mtnd.
Financial Situation and Projects
SITS has a relatively low debt level, with long-term loans (LMT) of 4,314 Mtnd and bank facilities of 0,894 Mtnd. The company's ongoing projects are valued at 29,251 Mtnd, including 15,596 Mtnd for the Nozha lotissement in Sousse. With the completion of the Zohret Soukra project and the progress of other projects, there is no need for significant financing.
Available Properties and Stock
The company's available properties for sale are valued at 7,471 Mtnd, with the majority located in La Soukra, worth 6,136 Mtnd.
Consolidated Results and General Assembly
On a consolidated basis, the group's net result reached 1,873 Mtnd, compared to 1,413 Mtnd in 2022. The company has convened an ordinary general assembly on June 14, 2024. The proposed resolution does not include the distribution of dividends, which may not please minority shareholders. The management is expected to present its development strategy and future projects, justifying this decision. While the company can avoid exorbitant bank loan costs and preserve its margins, it is essential to provide an update on the next dividend payment date for individual shareholders.
