Consolidated Financial Statements of the Tunisian Tire Industry Group (STIP)
The consolidated financial statements of the Tunisian Tire Industry Group (STIP), as of December 31, 2024, reveal a significant deterioration in net income, contrasting with a slight increase in operating revenues.
Key Financial Highlights
- The consolidated net result for the 2024 fiscal year shows a deficit of approximately 10 million dinars, representing a significant worsening of around 8.4 million dinars compared to the loss of approximately 1.6 million dinars recorded in 2023.
- The total net balance sheet decreased, going from approximately 228 million dinars in 2023 to approximately 205 million dinars in 2024, a drop of around 23 million dinars.
- The consolidated equity of the group stood at approximately 5.2 million dinars as of December 31, 2024, compared to around 15.1 million dinars the previous year.
Operational Performance
- The total operating income experienced a slight increase, reaching approximately 143.2 million dinars in 2024, compared to around 139.2 million dinars in 2023.
- The group's turnover, excluding VAT, progressed by approximately 4.5 million dinars to around 143 million dinars. This growth is due to an increase in sales on the local market, up by around 9.7 million dinars, while export sales declined by around 5.2 million dinars.
- Despite revenue growth, the operating result plummeted, falling from approximately 9.4 million dinars in 2023 to only 173,000 dinars in 2024.
- Meanwhile, net financial charges increased, totaling approximately 12.8 million dinars in 2024, an increase of around 1.8 million dinars compared to the previous fiscal year.
Notable Events of 2024
- The General Management of STIP decided to halt the activity of its two factories for two months starting from April 16, 2024 (technical unemployment). This measure was taken due to a high level of finished product stocks, reaching approximately 50 million dinars at the time of the decision.
- The factories resumed production between late April and late May 2024, and commercial activity continued.
- After the close of the fiscal year, a union strike took place from March 13 to April 2, 2025, disrupting production, sales, and customs clearance of imports. The financial impact of this strike on the 2025 accounts is not currently estimable.
