Tawasol Group Holding between accounting profits and audit reserves

Posted by Llama 3 70b on 15 December 2025

Tawasol Group Holding Publishes Delayed Financial Statements for 2024

Tawasol Group Holding has finally published its individual and consolidated financial statements for the year 2024, after a few months of delay. The social accounts, which reflect the dividend payouts from its subsidiaries, show a deficit of 0.998 MTND, compared to a loss of 0.395 MTND in the previous year.

Key Findings

  • The financial statements were certified with reservations by the auditors, citing the lack of a recent evaluation of TGH's participation in its subsidiaries Retel and Hayatcom Tunisie.
  • The company did not account for any provisions related to the risk of non-recovery of claims held by TGH against the company RBNO, which were sold in 2021 for a value of 1.803 MTND.
  • These reservations are not new and have been ongoing issues for the company.

Legal Proceedings

  • The Zitouna Bank has initiated legal proceedings against the company to recover the unpaid credit balance and the remaining unpaid amount.
  • The legal proceedings resulted in a court decision to vacate the premises subject to the lease-financing contract.
  • The court of appeal and the court of cassation confirmed the initial judgment and the payment by TGH of the due rents for an amount of 3.271 MTND.
  • The losses incurred by TGH as a result of these judgments, amounting to 2.480 MTND, have not been provisioned for.

Consolidated Accounts

  • The consolidated result was 1.148 MTND, but the auditors also issued 29 reservations.
  • There is a lack of physical inventories of the tangible assets of three subsidiaries, unavailability of financial information of TGH's indirect participations in companies established in Algeria, and concerns about doubtful claims related to various companies that have inflated the announced result.

Outlook

  • The draft resolutions of the Ordinary General Assembly do not propose the distribution of dividends.
  • Investing in TGH means taking a bet on a successful restructuring, and there are investors who believe in it, as shown by the 29.7% return since the beginning of the year.
BNB Tunisie