SIAME Reports Stable Financial Performance for H1 2026 Despite Export Headwinds

Tunis, Tunisia – The Industrial Company for Electrical Equipment and Materials (SIAME) has concluded the first half of fiscal year 2026 with stable financial indicators, demonstrating resilience amidst challenging market conditions.

Revenue Overview

As of June 30, 2026, SIAME’s revenue stood at 20.011 MTND, representing a year-on-year decline of 11.6%. This decrease is primarily attributed to a significant drop in export sales, which amounted to 4.484 MTND in the first half of 2026, compared to 8.157 MTND in the same period last year.

Impact of Geopolitical Tensions

The decline in exports is largely due to the temporary suspension of shipments to Iraq, the company’s primary export market. This halt was necessitated by escalating geopolitical tensions in the Middle East, specifically the conflict between Iran and the United States, which disrupted regional trade flows and blocked SIAME’s exports to the country.

Domestic Market Dynamics

A similar downward trend was observed in sales to the Société Tunisienne d’Électricité et de Gaz (STEG), which decreased to 4.487 MTND from 6.577 MTND as of June 30, 2025. This reduction is mainly explained by the postponement of the execution schedule for new contracts, with deliveries now planned for the second half of the year.

In contrast, the local market demonstrated stronger momentum, growing by 39.6% year-on-year to reach 11.039 MTND.

Cost Optimization and Profitability

To counteract the contraction in revenue, SIAME successfully optimized its cost structure:

• Consumed Purchases: Decreased to 12.308 MTND.
• Personnel Costs: Reduced by 5.5% to 2.906 MTND.
• Net Financial Charges: Lightened from 1.137 MTND in June 2025 to 0.692 MTND in 2026, driven largely by a decrease in interest on financing.

As a result, the company’s net profit increased to 1.890 MTND, up from 1.720 MTND at the same date in 2025.

Outlook and Investment Perspective

SIAME’s growth prospects remain promising. The company is considered a hold for investors seeking exposure to the industrial sector in their portfolios, given its ability to maintain profitability despite external headwinds and its strong position in the domestic market.