Tawasol Group Holding Announces 2024 Financial Results
Fourth Quarter 2024: Revenue Down 18.1% to 16,994 MTND
In the fourth quarter of 2024, Tawasol Group Holding reported a revenue of 16,994 MTND, a decrease of 18.1% compared to the same period in 2023. The Industry pole was the main contributor to revenue, with 11,861 MTND, an increase of 17.3%. The Telecommunications pole saw a significant decline in revenue, down 49.7% to 2,852 MTND, while the Infrastructure pole experienced a sharp drop of 55.2% to 2,221 MTND.
Full-Year 2024: Revenue Up 8.5% to 84,318 MTND
For the full year 2024, revenue improved by 8.5% to 84,318 MTND. Export sales accounted for 34.7% of total revenue, amounting to 29,274 MTND. By pole, the Telecommunications revenue reached 19,176 MTND, down 1.4% compared to 2023. The company decided to discontinue its non-profitable fiber optic activity, which impacted local market results. However, this decision aims to refocus efforts on higher-value-added activities and improve long-term profitability.
Export Activity and Infrastructure Pole Performance
The export activity in the Democratic Republic of Congo experienced a significant decline in 2024, mainly due to armed conflicts in the east of the country, unfavorable weather conditions, and the depletion of a significant portion of the market during the first three quarters of the year. On the other hand, the Infrastructure pole recovered well, with revenue of 23,532 MTND in 2024, thanks to diversification in the African market. Notably, the construction project of the new retention basin in Agoé Houmbi, Lomé (Togo), and the new project of the Bethel city in Ouedo, Abomey-Calavi (Benin), started during the last quarter.
Industry and Real Estate Performance
Annual revenue from the Industry pole increased by 4.4% to 40,950 MTND. The real estate activity, however, generated only 0.060 MTND. Nevertheless, the group's companies have significant land reserves in strategic areas of the capital, which will be used for building construction, contributing to future revenue.
Investments and Debt
Investments remain suspended as the company is undergoing strategic reflection. Debt remained stable at 39,530 MTND, with 27,027 MTND short-term debt. The company is still in the restructuring phase, seeking solutions for sustainable and profitable activities. The stock is perfectly balanced on the market, and the company needs to be more convincing in its outlook to generate enthusiasm.
