Sotetel Publishes 2023 Annual Report and 2024 First Quarter Indicators

The Tunisian telecommunications company, Sotetel, has released its 2023 annual report and first quarter indicators for 2024. The previous year's results show a net profit of 3,878 million Tunisian dinars (Mtnd), compared to 1,196 Mtnd in 2022. The company's EBIT (Earnings Before Interest and Taxes) has more than doubled, reaching 4,979 Mtnd.

First Quarter 2024 Indicators

The indicators for the first quarter of the current year show a 14.0% increase in revenue, reaching 12,612 Mtnd. This includes 12,101 Mtnd from the local market, representing a 14.4% year-over-year increase, and 0,511 Mtnd from international sales, representing a 4.1% year-over-year increase. Total operating revenue has appreciated by 14.3% to 12,815 Mtnd.

Operating Expenses

Operating expenses have increased by 20.5% to 12,245 Mtnd, mainly due to the rise in purchases consumed (+29.8% to 6,788 Mtnd), which includes subcontracting, and personnel expenses (+11.0% to 4,440 Mtnd). The 45.6% decline in EBITDA to 570 Mtnd is attributed to the predominance of civil engineering in the revenue of certain large projects, which are entirely subcontracted, the impact of inflation on the cost of supplies and raw materials, and the application of the salary increase agreement.

Outlook

For the rest of the year, Sotetel forecasts a consolidation of local and international activities, ensuring revenue growth through the profitability of activities and diversification of the service portfolio, as well as cost optimization and performance management.

These figures will enable the company to consolidate its performance in the market. Since the beginning of the year, its yield has increased by 50.83%, the best among companies listed on the Tunis Stock Exchange.