Union de Factoring Announces 2023 Results: Net Profit Up 32.4%

Union de Factoring, a key player in the factoring industry, has announced its 2023 results, reporting a net profit of 6,318 million Tunisian dinars (Mtnd), a 32.4% increase compared to 2022.

Revenue and Financial Highlights

Factoring revenue totaled 8,303 Mtnd, up 18.6% year-over-year.
Financial mobilization products reached 22,286 Mtnd, compared to 17,755 Mtnd in 2022.
Although financial charges increased significantly by 39.2% to 12,459 Mtnd, the net factoring product grew by 12.9% to 18,325 Mtnd.
The risk cost stood at 2,273 Mtnd, up 7.1%.
The operating result was positive, at 8,812 Mtnd.
Union de Factoring also contributed 0.223 Mtnd to the state budget.

Growth Potential and Shareholder Structure

The company's growth potential is significant, given its prestigious institutional shareholders, including:

BNA (12.50% of capital)
ATL (11.30%)
Amen Bank (9.24%)
Carte Vie (7.64%)
ATB (6.97%)
Mohamed Sadok Driss (6.55%)
SPDIT-SICAF (5.00%)

These shareholders are capable of generating high-quality business for the company.

Outlook and Dividend Proposal

As of 2023, the factoring portfolio stood at 248,565 Mtnd, with 234,438 Mtnd on the local market. The non-performing assets ratio decreased to 8.46% (from 10.60% in 2022), with a coverage rate of 82.37% by provisions and reserved agios.

Shareholders are invited to an Ordinary General Meeting on April 30, 2024, with a proposal to distribute 0.750 TND per share, a attractive remuneration that preserves the company's equity.