Tuninvest SICAR Records Significant Revenue Growth for Q3 2025 and the First Nine Months of the Year
Tuninvest SICAR has reported a notable increase in revenue for the third quarter of 2025, as well as for the first nine months of the year, driven by the growth in dividends from the companies in its portfolio. The cumulative revenue as of September 30, 2025, shows a significant increase compared to the same period in 2024. However, some lines of the portfolio may require additional provisions, which will be evaluated during the annual audited accounts closure. The indicators for the third quarter of 2025 have been published on the BVMT website recently. The company continues to pursue its investment strategy, focusing on the performance of its portfolio and dividend distribution, which has contributed to the revenue growth observed during the period.
Ongoing Tax Disputes
Tuninvest SICAR is still facing several tax disputes, representing both historical and recent liabilities. In March 2015, the Court of First Instance in Tunis confirmed a tax assessment ruling, reducing the amount claimed from 2.743 million dinars to 2.460 million dinars, resulting in a reduction of 284,259 dinars. The company appealed and, in 2016, benefited from the provisions of Article 66 of the Finance Act, with the waiver of late payment penalties of 1.222 million dinars against the payment of the principal of 1.522 million dinars, which was already provisioned and paid as of December 31, 2015. A tax credit of 231,331 dinars fully covers the tax risk. The Court of Appeal confirmed this judgment in June 2018, and the company appealed to the Court of Cassation in December 2019.
Recent Tax Adjustment
More recently, a tax adjustment covering the years 2019 to 2022 was notified on December 27, 2023, resulting in a tax assessment of 5.6 million dinars, including 3.5 million dinars in principal and 2.1 million dinars in penalties, confirmed by a tax credit of 1.1 million dinars, not recorded in the accounts. This adjustment, related to the possible loss of SICAR status, is still the subject of a dispute before the Court of Cassation. To benefit from the tax amnesty provided by the 2024 Finance Act, Tuninvest SICAR signed a five-year payment schedule covering the principal of the adjustment. The provisions constituted as of December 31, 2024, amount to 2.4 million dinars, covering the principal of the adjustment reduced by the tax credit.
