Tuninvest-Sicar: A Discreet Company on the Tunis Stock Exchange
Among the discreet companies on the Tunis Stock Exchange, Tuninvest-Sicar stands out. The indicators for the second quarter of 2025 show revenues of 0.231 billion Tunisian dinars (Mtnd), a 71.4% decrease compared to the second quarter of 2024. These revenues come exclusively from dividends received on OPCVM shares (0.297 Mtnd), plus a loss of 0.066 Mtnd related to the sale of Sicav shares. The most notable element is the absence of capital gains on the sale of shares, which had generated 0.465 Mtnd in the second quarter of 2024. Given the nature of Tuninvest-Sicar's activity, this type of revenue cannot be considered recurrent.
Since the beginning of the year, cumulative revenues have reached 0.305 Mtnd. As of June 30, 2025, the investment portfolio of the Sicar includes eight participations, equally distributed between industrial and service sectors. The net book value of these participations amounts to 3.663 Mtnd.
On the fiscal front, the company is facing ongoing disputes with the administration. A cassation appeal has been pending since December 2019, following first-instance and appeal judgments that led to Tuninvest's removal from its Sicar status. In connection with this decision, Tuninvest received, in June 2024, a tax assessment of 5,600 Mtnd, including 3,500 Mtnd in principal and 2,100 Mtnd in penalties, accompanied by a tax credit of 1,100 Mtnd.
To benefit from the provisions of the 2024 finance law's tax amnesty, the company signed, in June 2024, a payment schedule with the tax authorities for the settlement of the principal over a period of five years. Note that Tuninvest-Sicar had already set aside, as of December 31, 2024, a provision of 2,400 Mtnd, covering the bulk of the adjustment, minus the tax credit. Furthermore, the company has initiated a judicial procedure to contest this tax assessment.
Despite this challenging context, Tuninvest-Sicar's stock has shown resilience on the stock exchange, limiting its decline to 7.0% since the beginning of the year. For reference, the 2024 fiscal year ended with a net profit of 0.787 Mtnd. The company plans to distribute a dividend of 0.500 Tnd per share on July 29, 2025.
