Tunisian-Saudi Real Estate Company Announces 13% Increase in Net Profit
Ahead of Public Tender Offer Results
The Tunisian-Saudi Real Estate Company (SITS) has announced a semi-annual net profit of 1.170 billion Tunisian dinars (Mtnd), representing a 13% increase compared to the same period last year (1.035 Mtnd).
Key Financial Highlights
- Revenue reached 4.557 Mtnd, exclusively generated from the Zahret Soukra project, with a high gross margin of 37.2%.
- Personnel expenses remained stable at 0.332 Mtnd, with a recovery of previously accounted provisions amounting to 0.082 Mtnd.
- The company's accounts show no net financial expenses, allowing the preservation of the operating result, which stands at 1.239 Mtnd.
Project Pipeline and Future Prospects
The SITS has a significant portfolio of projects under development, primarily concentrated in Sousse and the Jardins de Carthage, with ongoing work valued at 15.596 Mtnd and 22.862 Mtnd, respectively. This pipeline provides the company with substantial potential for revenue generation in the coming years, particularly given its established position in the high-end segment. This dynamic supports estimated revenue forecasts of 14.248 Mtnd by 2029.
Public Tender Offer
As the company awaits the publication of the results of the public tender offer (OPA) for 12.28% of its capital, shareholders may wonder if they should sell their shares and recover 3 Tnd per share. Is the proposed valuation reasonable, taking into account all factors? The answer will be revealed on September 9.
