SRTGN 2025 Financial Results: Operational Improvements Mask Deepening Financial Distress
The Regional Transport Company of Nabeul Governorate (SRTGN) has released its financial statements for the 2025 fiscal year. The report highlights a complex picture: while operational efficiency measures have improved the operating profit, the company continues to face severe structural financial challenges, including negative equity and a mandatory restructuring plan.
Revenue: Slight Growth Driven by Public Subsidies
Total revenues for 2025 reached 71.124 MDT, marking a modest year-on-year increase of 1.2%. However, this growth is primarily attributable to public support rather than core business performance.
- Passenger Transport Revenue Decline: Revenues from passenger transport continued to erode, dropping to 29.720 MDT (down from 30.605 MDT in 2024). This decline is largely driven by the aging bus fleet and ongoing operational difficulties.
- Ticket sales fell to 17.713 MDT.
- Subscription sales decreased to 3.956 MDT.
- Dependence on Public Compensation: The company’s economic model remains heavily reliant on state support. The operating subsidy provided by the State reached 40.021 MDT, accounting for 56.3% of the company’s total revenues.
Operating Costs: Optimization Efforts Yield Better Operating Profit
SRTGN successfully reduced its operating expenses to 64.145 MDT, reflecting significant cost-optimization efforts.
- Consumed Purchases: Down 3.4% to 15.986 MDT, with fuel costs specifically amounting to 9.340 MDT.
- Personnel Costs: Slightly decreased to 40.121 MDT.
- Depreciation and Provisions: Reduced to 4.475 MDT.
As a result of these measures, the operating profit improved significantly, rising from 4.290 MDT in 2024 to 6.979 MDT in 2025.
Financial Structure: Net Loss and Negative Equity
Despite the improved operating performance, SRTGN’s heavy financial burden continues to weigh on its accounts.
- Net Financial Charges: Reached 10.581 MDT, completely absorbing the operating profit.
- Net Loss: The company closed the 2025 fiscal year with a net loss of 3.561 MDT.
- Negative Equity: The cumulative reported losses of -121.894 MDT have pushed total equity to -110.480 MDT.
Legal Implications and Future Outlook
SRTGN is now directly subject to the provisions of Article 388 of the Commercial Companies Code. While the company continues its operations, it is legally obligated to implement and execute a restructuring and recapitalization plan.
2026 Fleet Renewal: In 2026, SRTGN received 27 new buses:
- 8 allocated to Zaghouan Governorate
- 19 allocated to Nabeul Governorate
This fleet renewal is expected to strengthen the company’s operational capacity and potentially boost revenues. However, the injection of fresh capital remains a critical and non-negotiable requirement for the company’s long-term viability.
