Sotuver Reports Excellent Second Quarter Results
Sotuver has signed an excellent second quarter, with revenues reaching 30,492 MTND, a 33% year-over-year increase. Exports have doubled, totaling 24,227 MTND, while the local market has seen a 7% decline, reaching 6,265 MTND.
Since the beginning of the year, the cumulative turnover has risen to 54,840 MTND, compared to 50,127 at the end of June 2024. The majority of this comes from foreign sales, amounting to 43,217 MTND, at the expense of the local market. This is a strategic choice made by the company. However, the group remains committed to its Tunisian clients, particularly through its subsidiary Sotuver Glass Industries.
On a consolidated basis, the total tonnage sold has increased by 28%, with a 12% growth in the local market and a 37% growth in exports. The gap between the growth in volumes and revenue is explained by a change in the product mix composition between the first half of 2024 and the current exercise.
The production value has recorded a 9% increase since the beginning of the year, reaching 58,894 MTND. The debt has seen a slight 3% increase, reaching 196,512 MTND, a trend expected given the operational needs.
The investments made during this first half-year amount to 9,489 MTND and primarily concern the maintenance of production tools, the acquisition of industrial equipment (4,642 MTND), and the acquisition of a portion of its subsidiary's shares (4,847 MTND).
Sotuver's performances are very good, and the stock market should appreciate this. The title's yield is 3.7%, and we believe that the current valuation level offers significant upside potential.
