SAH Tunisie Sees Revenue Decline in Q4 2024, Despite Strong Performance from Subsidiaries
In the fourth quarter of 2024, SAH Tunisie's revenue (excluding taxes) decreased by 1.8% to 129,897 MTND. The local market slightly contracted, with a 0.2% year-over-year decrease to 109,128 MTND. Exports fell by 9.4% to 20,769 MTND.
For the entire year, revenue declined by 4.9% to 483,895 MTND, with both local sales (-2.3% to 394,994 MTND) and export activity (-14.7% to 88,900 MTND) contributing to the decline. The decrease in export sales was mainly impacted by the blocking of letters of credit at the Central Bank of Libya and the closure of borders.
In 2024, baby hygiene sales represented 41% of SAH Tunisie's total sales, followed by paper hygiene products with 28%. The contributions of feminine and adult product lines were 17% and 10%, respectively.
Investments increased by 254% to 28,460 MTND. As for debt, it stood at 245,514 MTND, with 211,971 MTND being short-term debt.
At the consolidated level, the SAH Group reported a 14.3% increase in quarterly revenue to 254,077 MTND. International revenue decreased by 1.6% to 80,805 MTND, while consolidated local revenue gained 23.6% to 173,271 MTND. For the entire year, revenue totaled 980,523 MTND, up 9.5% year-over-year, with 627,486 MTND coming from the local market and 353,037 MTND from exports.
The group benefited from the strong commercial performance of SAH Libya, which saw its net revenue soar by 85.2% compared to December 2023, reaching 39,100 MTND. The launch of the Cosmetics activity also generated revenue of 84,400 MTND. SAH Algeria's sales were 74,500 MTND, up 10.7% year-over-year. Azur Papier's sales grew by 4.3% to 93,700 MTND.
Management expects a strong 2025, driven by the resumption of exports to the Libyan market and the development of its cosmetics product line. The gradual decline in raw material prices would provide comfortable margins. Meanwhile, the 2024 financial statements are expected to show a net profit increase, which should delight shareholders.
