Tunisian Glassware Company (Sotuver) Releases 2024 Financial Statements
The Tunisian Glassware Company (Sotuver) has published its 2024 financial statements, with a net result of 13,903 Tunisian dinars (Mtnd) compared to 38,191 Mtnd in 2023. The decline in profits was expected by the market, given the announced investment cycle by the company.
The turnover stood at 100,836 Mtnd, down 39.2% from 165,986 Mtnd in the previous year. The economic context during the exercise was unfavorable, marked by a difficult international situation and a 90-day planned shutdown of one of the factory's furnaces.
Operating expenses totaled 86,285 Mtnd, following the same trend as revenue, down 31.6% year-over-year. The decrease was mainly due to reduced purchases of consumables, limited to 55,438 Mtnd. The operating result stood at 16,401 Mtnd. On the other hand, net financial expenses increased to 13,646 Mtnd. The company's total debt evolved, both in the medium and long term (93,711 Mtnd) and short term (97,390 Mtnd). This increase is primarily attributable to the use of medium and long-term loans to finance significant material and financial investments.
The year 2025 started with a 10.5% decline to 24,348 Mtnd. The local market is struggling. The agri-food and beverage sectors experienced a temporary difficult period, mainly due to the shift of the Ramadan month to the first quarter of the year. This had a significant impact on activities related to beer and wine. A recovery will therefore be observed from the second quarter of 2025.
Moreover, the most significant event of the year remains the non-binding offer received by the company from a major international glass packaging producer for the acquisition of a block of shares representing half of the current reference shareholders' stake, or approximately 41% of the capital. This could open doors to external markets and offer a genuine growth opportunity. The stock has a return of 10.79% since the beginning of the year. On the stock exchange, investors are buying into the future.
