SITS Announces 2024 Net Profit of 1,035 Million, Down 47.8% Year-on-Year
The real estate developer reported sales of 5,008 million Tunisian dinars (MTND) for the 2024 fiscal year, compared to 7,512 MTND the previous year. Operating expenses totaled 4,155 MTND, leading to an EBIT of 853 MTND, down from 1,897 MTND. The company did not record any net financial expenses and received 459 MTND in investment income.
Stocks and Projects
Stocks totaled 43,762 MTND, including 39,729 MTND in ongoing projects and 4,052 MTND in completed projects and land. The majority of this is attributed to the Zahret Soukra 1 project (3,157 MTND). A significant portion of this has already been sold in the first quarter of 2025, which recorded revenue of 1,650 MTND. At the consolidated level, the company reported a net result of 821 MTND.
New Cycle and Outlook
SITS is embarking on a new cycle, with new launches planned, and no substantial inventory to clear. Based on the latest activity indicators for the first quarter of 2025, the backlog of ongoing projects stands at 26,899 MTND. In our opinion, those who hold the stock or plan to buy should consider this factor. The cycle is expected to last three years, implying a medium-term holding period, but with remarkable operational performances. The signs are positive, with customer advances of 11,991 MTND, which is only part of tomorrow's revenue. The real estate developer has already begun marketing the Zahret Soukra 2 project, with the same success as the first phase.
