Sopat's 2023 Financial Results: A Year of Recapitalization and Growth
We all remember that Sopat was the subject of a public takeover bid by the Tunis Stock Exchange in 2023. The La Rose Blanche Group exceeded the 95% voting rights threshold, making the takeover offer mandatory. Since its acquisition, the Group has carried out several recapitalization operations to restore the company's situation. This led to the dilution of other shareholders and, naturally, a delisting from the stock exchange.
However, as a publicly traded company, Sopat is still obligated to publish its financial statements. For 2023, the accounts were presented according to a new classification model adopted by the La Rose Blanche Group for all its subsidiaries. The 2022 accounts were reprocessed, with no impact on the net result.
Financial Highlights
- Revenues for 2023 totaled 235,919 Mtnd, a 33.2% increase year-over-year.
- Operating expenses rose by 30.2%.
- EBIT stood at 8,304 Mtnd, compared to 4,993 Mtnd in 2022.
- Financial charges decreased by 11.0% to 2,167 Mtnd.
- Net income reached 5,755 Mtnd, compared to 0,849 Mtnd in 2022.
Key Developments
- In 2023, Sopat carried out significant work on settling accounts with certain suppliers, which cost 0,112 Mtnd.
- The company also accounted for the results of physical inventory reconciliations with accounting data, resulting in an impact of 6,547 Mtnd on gross values and 0,082 Mtnd on depreciation for the 2023 financial year.
- Investments of 4,317 Mtnd were made to upgrade production tools.
Outlook
This work will continue in 2024, as the company still has ongoing legal proceedings inherited from previous shareholders. Therefore, the board of directors does not intend to distribute dividends and will preserve profits in equity.
