Sotrapil Reports 21.82% Decrease in Hydrocarbon Transport Volume in Q1 2024

In the first quarter of 2024, Sotrapil reported a 21.82% decrease in the total volume of hydrocarbons transported compared to the same period in 2023, with 356,059 m3 transported versus 455,445 m3 in 2023. This decline is primarily attributed to two key factors.

Pipeline Volume Reduction

Firstly, there was a 23.13% reduction in the volume transported by the multiproduct pipeline connecting Bizerte to Radès. This decrease is attributed to the halt, starting from November 2023, of the transportation of sulfur-free diesel due to maintenance works on the storage tanks dedicated to this product at the Bizerte refinery.

Secondly, the volume transported by the Jet A1 pipeline, connecting Radès to Tunis Carthage, also decreased by 8.35%, contributing to the overall decline in quantities transported by Sotrapil during this quarter.

Revenue Decrease

In addition to the transport figures, the report highlights a significant reduction in revenue. Total revenue from transportation amounted to 3,351,181 dinars at the end of March 2024, compared to 4,212,587 dinars in the same period in 2023, representing a 20.45% decrease. This decline is directly linked to the 21.82% decrease in transported quantities.

Operating Income Decrease

The company's operating income decreased by 36.16%, from 5,249,114 dinars at the end of March 2023 to 3,351,181 dinars at the end of March 2024. This decline is the result of two main factors: the 20.45% reduction in transportation revenue and a negative balance in the "other operating expenses" category, particularly in the "litigation" position.

Operating Expenses Increase

Although revenue decreased, operating expenses increased by 20.77%, from 2,397,000 dinars at the end of March 2023 to 2,894,837 dinars at the end of March 2024. This increase is primarily attributed to a negative balance in the "litigation" position among other operating expenses.

Financial Products Decrease

Finally, financial products also recorded a 6.52% decrease, from 1,518,114 dinars at the end of March 2023 to 1,419,086 dinars at the end of March 2024. These financial results reflect the challenges and operational adjustments faced by Sotrapil during the first quarter of 2024.