Dividend Distribution by Tunis Stock Exchange‑Listed Companies in 2024
Key figures:
- Total dividends paid: TND 1.58 billion (up 13.4 % YoY)
- Average payout ratio (2022‑2024): 56.1 % (57.5 % in 2024 vs. 56.9 % in 2023)
- Dividend yield: 6.1 % in 2024 (vs. 5.9 % in 2023)
Source: “Distribution of Dividends by Listed Companies for the Fiscal Years 2022/2023/2024”, published 19 February 2026 by the BVMT Development Department.
1. Sector‑by‑Sector Breakdown
| Rank | Sector | Share of 2024 Dividends | Trend (2022‑2024) |
|---|---|---|---|
| 1 | Financial services | > 61 % of total | Continues to be the dominant dividend contributor |
| 2 | Consumer goods | ≈ 25 % | Up from 23 % in 2022, driven mainly by SFBT (53 % of the sector, 14 % of the whole market) |
| 3‑5 | Remaining sectors | ≈ 14 % combined | Stable composition since 2022 |
Top‑5 Companies (average 55 % share of total dividends, unchanged since 2022)
| Company | Share of 2024 Dividends |
|---|---|
| BIAT | 15 % |
| SFBT | 14 % |
| Attijari Bank | 13 % |
| BT | 6‑7 % |
| Amen Bank | 6‑7 % |
The Top‑5 group’s total payouts rose 29 %, from TND 683 million in 2022 to TND 879 million in 2024.
2. Distribution Coverage
- Companies paying dividends: grew from 60 % of listed firms in 2022 to 66 % in 2024.
- Number of dividend‑paying firms: remained stable at 48‑49 despite the delisting of eight companies (only Céréalis had paid a dividend in 2022).
- Non‑paying firms (2024): 25 companies; about one‑third posted profits and reinvested them (e.g., STB – profit of TND 82.5 million; Carthage Cement – profit of TND 70.3 million).
3. Payment Timelines
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Average payment delay | 32.7 days | 38.2 days | ‑14.5 % |
| Basic materials sector | 42 days | 75 days | – |
| Consumer services sector | –8 days vs. 2023 | – | – |
| Financial sector | 26 days (shortest & most stable) | – | – |
All payment delays stayed within the regulatory ceiling of three months.
4. Seasonal Concentration of Payments
- May, June, July consistently host the bulk of dividend payouts, accounting for ≈ 81 % of total distributions (2022‑2024).
- 96 % of ordinary general meetings of dividend‑paying companies took place between April and July, the window in which decisions are executed.
5. Fastest Distributors (2022‑2024)
| Company | Typical payment window (days) |
|---|---|
| Attijari Bank | 2‑8 (shortest overall) |
| CIL | 2‑12 |
| SAH | 2‑12 |
| Astrée | 2‑12 |
These firms consistently delivered dividends within 2 to 12 days after the decision date.
Takeaway
The Tunisian stock market’s dividend landscape is growing stronger: higher total payouts, improved payout ratios, and faster payment cycles. Financial institutions remain the primary dividend engine, while consumer‑goods firms are gaining ground. The seasonal rhythm of May‑July payouts and the steady presence of a core Top‑5 group suggest a mature, predictable dividend market—an attractive signal for investors seeking reliable income streams in North Africa.
