Nabeul Regional Transport Company (SRTGN) Publishes 2023 Financial Statements
The Nabeul Regional Transport Company (SRTGN) has released its financial statements for the 2023 fiscal year. Revenues totaled 73,424 MTND, representing an 11% increase compared to 2022.
Revenue Breakdown
- Passenger transportation revenues decreased by 1.9% to 30,434 MTND.
- Operating subsidies increased to 41,311 MTND, contributing to the overall revenue growth.
Operating Expenses
- Operating expenses decreased by 3.3% to 66,856 MTND.
- Non-cash expenses, including depreciation and provisions, decreased from 9,889 MTND in 2022 to 6,284 MTND in 2023.
- Consumed purchases increased by 6.2% to 16,143 MTND, while personnel expenses rose by 2.6% to 41,042 MTND.
Financial Performance
- EBIT (Earnings Before Interest and Taxes) returned to positive territory, reaching 6,567 MTND.
- Net financial expenses decreased to 9,588 MTND, compared to 12,547 MTND in 2022.
- The company's financial debt decreased to 17,292 MTND.
- However, the operating profit was consumed by financial expenses, resulting in a net loss of -2,867 MTND, an improvement from the -15,246 MTND loss in 2022.
- Shareholders' equity stood at -117,727 MTND.
Outlook and Recommendations
- The company can improve its cash flow by recovering outstanding debts from clients, including the Ministry of Interior (21,510 MTND), Ministry of Defense (1,239 MTND), Ministry of Justice (0,578 MTND), and Ministry of Finance (0,064 MTND).
- The company also has debts to settle with public entities, including AGIL (1,653 MTND) and Tunisie Télécom (0,723 MTND), as well as a tax debt of over 64,688 MTND and a debt to the National Social Security Fund (CNSS) of 25,253 MTND, including penalties.
- An extraordinary general assembly was held on July 8, 2025, and decided to continue the company's operations while regularizing its situation in accordance with Article 388 of the Commercial Companies Code.
- Given its important role in the local economy, we believe that SRTGN deserves more attention. Expanding its fleet, optimizing routes, and improving financial management are key to returning to positive results. Injecting new capital is essential to improve solvency and clean up the company's balance sheet.
