Siphat Records 20% Decline in Revenue in Second Quarter 2024
The Tunisian Pharmaceutical Industries Society (Siphat) has reported a 20% decrease in its revenue for the second quarter of 2024.
This decline is even more pronounced over the semester, reaching 21% compared to the first semester of 2023. This negative trend is observed despite a 28% increase in revenue from the official form in the second quarter of 2024 compared to the previous year. However, over the semester, this same form experienced a 39% drop.
The hospital form was not spared, recording a 24% decline over the quarter and 6% over the semester. Moreover, Siphat did not generate any revenue from exports or paramedical forms in the second quarter of 2024.
Production was also affected, with a overall decline of 36% in the second quarter of 2024 compared to the previous year. Over the semester, the decrease was 19%.
Production of the official form decreased by 10% over the quarter and 21% over the semester, while production of the hospital form experienced a 41% decline over the quarter and 14% over the semester. No production was recorded for exports or paramedical forms.
Siphat's investments in the second quarter of 2024 decreased by 57% compared to the previous year. However, over the semester, they increased by 92%.
On the other hand, the company's debt increased by 13% compared to the second quarter of 2023. This increase is explained by various factors, including an associated current account, stock financing credit, debts to social and fiscal organizations, and several medium-term and short-term credits.
This accumulated debt is largely due to insufficient revenue.