State-Owned Enterprises in Tunisia: A Mixed Bag
The state has the largest portfolio of holdings in Tunisia, which is a double-edged sword. On one hand, it generates substantial revenue, with millions of dinars in income. On the other hand, it also leads to significant headaches due to cumulative losses and insufficient equity in some key companies.
Revenue Projections
As of August 2025, revenue totaled 1,298.1 million dinars (Mtnd), compared to a budgeted 1,584 Mtnd for the entire year. Current estimates are 1,637 Mtnd, which is better than initially projected. For 2026, estimates are 1,664 Mtnd, with the dividend from the Central Bank of Tunisia being the primary source (1,100 Mtnd). The distributable products are much higher and are spread across several companies, but the state chooses to preserve them in equity.
The Key to Success
The existence of performing public enterprises shows that state ownership does not necessarily imply poor results. The key to success lies in adopting a precise strategy and executing it with optimized personnel. However, a major cause of failures is often an excess of employment, which weighs on profitability. This inability to adapt personnel to economic and technological realities leads to a vicious cycle, hence the idea of merging or even eliminating certain entities.
A New Approach
The authorities seem determined to no longer let companies sink, thereby burdening the current and future budget. Such a project will require many years to yield its first results. It is essential to consider the aspect of human resource management. Can a civil servant easily accept changing administrations or missions? Would the integration be smooth? These are the most critical elements, as potential losses can outweigh the gains from reduced operational costs.
The Path Forward
The state's approach to managing its portfolio of holdings is undergoing a significant transformation. With a focus on optimizing personnel and adopting precise strategies, the authorities aim to turn around underperforming companies and generate substantial revenue. While the road ahead is long and challenging, the potential benefits are substantial, and the state is determined to make the most of its investments.
