SPDIT-Sicaf Publishes 2024 Financial Statements, Reports 7.3% Increase in Net Profit
The SPDIT-Sicaf, a subsidiary of the SFBT specializing in asset management, has released its financial statements for the 2024 fiscal year. As expected, the company reported a net profit of 31,978 million Tunisian dinars (Mtnd), a 7.3% increase year-over-year.
Operating Results
Operating income totaled 34,548 Mtnd, including 17,478 Mtnd in dividends from unlisted participations, primarily from group subsidiaries. Listed dividend income amounted to 2,612 Mtnd. The company also realized 7,341 Mtnd in capital gains from the sale of 90,408 BIAT shares. Compared to the 2023 fiscal year, the company adopted a less active but still profitable strategy.
Financial Highlights
Monetary investment income rose to 6,053 Mtnd, up from 4,833 Mtnd the previous year. The company generated 5,667 Mtnd in revenue from certificates of deposit. Reversals of previous provisions amounted to 0,838 Mtnd, while provisions for depreciation of securities totaled 0,470 Mtnd. Operating result stood at 33,036 Mtnd.
Portfolio Performance
The portfolio manager has a latent capital gain reserve of 34,886 Mtnd, with an acquisition cost of only 14,710 Mtnd. At the end of 2023, these capital gains stood at 36,029 Mtnd, but the sale of BIAT shares must be taken into account. Such performance would not have been achieved without careful stock selection and extended holding periods.
Upcoming General Assembly
The company's shareholders have been convened to an ordinary general assembly on March 28, 2025. The board of directors plans to propose a dividend distribution of 1 Tnd per share, amounting to 28,000 Mtnd. The net yield, based on yesterday's closing price, stands at 6.92%, remaining one of the highest on the market. Undoubtedly, this stock remains one of the best investments on the market.
