Société de Fabrication des Boissons de Tunisie (SFBT) Releases Reassuring Half-Year Report
The Société de Fabrication des Boissons de Tunisie (SFBT) has published a reassuring half-year report, marked by increasing profitability and a diversification strategy that consolidates its resilience.
Key Figures for the First Half of 2025
Over the first six months of 2025, the parent company's revenue reached 361 million dinars (MD), a slight decline of 2.5%. This decrease is mainly due to the transfer of sales from the Charguia plant to its subsidiary SGBIA, resulting in a 9% decline in soft drink sales (100.5 MD). In contrast, beer sales increased by 1.6%.
Thanks to better control over purchases, the gross margin gained 2.8 percentage points, reaching 41.9%. The operating margin rate stood at 22.5%, up 0.8 percentage points. The Cash Management activity also supported the group's performance, with investment products increasing by 13.4% (107.3 MD), despite a context of declining interest rates.
This solidity enabled the company to absorb a heavier tax burden (+38.1% to 20.8 MD) and generate a net profit of 169.6 MD as of June 30, 2025, representing a 9.7% increase compared to 2024.
Key Indicators for H1 2025:
- Net result: 169.6 MD (+9.7%)
- EBIT: 80.4 MD (+1.2%)
- EBITDA: 92.6 MD
- Net debt: -160.5 MD
- Distributed dividends: 214.5 MD
- Investments: 13.4 MD, primarily in packaging and equipment
Tunisie Valeurs maintains its "buy" recommendation for the stock, highlighting the solidity of the fundamentals and the defensive profile of the business model.
ESG and Social Responsibility: Notable Progress
In August 2025, SFBT published its 2024 ESG report, certified by PwC Luxembourg. The company, which holds multiple certifications (ISO 9001, 14001, 45001, 50001, 27001, FSSC 22000), now places sustainability at the heart of its strategy.
Environment:
- Commissioning of two solar power plants (2.8 GWh/year, -1,700 tCO2)
- 6.8% reduction in electricity consumption and savings of 30,878 m³ of water
- 72% of waste recycled (including 26,000 tons of draff)
- 2% increase in sales of returnable bottles
Social:
- 27% reduction in accident frequency, with several "zero-accident" sites
- 34,600 hours of training provided
- 45% reduction in sugar content of certain beverages
- National campaign against drunk driving
- Training of 200 young people through the TACIR program
- Support for the La Rabta University Hospital with cardiovascular equipment
- Relaunch of the El-Kssour Festival
Governance:
- Separation of CEO and Chairman of the Board of Directors functions
- Representation of minority shareholders and two independent administrators
- Three women in leadership positions
In 2024, SFBT contributed 1,024 MD to the state's tax revenues, including 533 MD in excise duties.
Strategic Alliance with Carthage Grains
SFBT is preparing a merger with Carthage Grains, seen as a structuring project to serve national food sovereignty. The operation aims to modernize industry, integrate vertically, and enhance local raw materials to reduce dependence on imports and strengthen agricultural sectors.
Expected Impact:
- Modernization of infrastructure and new technologies
- Reduction of environmental footprint and increased competitiveness of the oilseed sector
- Job creation and opportunities for farmers
- Improvement of the trade balance through import substitution
"This acquisition illustrates our vision of a responsible and citizen-oriented company. Beyond strengthening our industrial portfolio, we are investing in the future of Tunisia and the food security of our fellow citizens," said Elyes Fakhfakh, CEO of SFBT.
He added, "Our ambition is clear: to make the Tunisian oilseed sector a model of excellence and sustainability."
