STIP, a Tunisian tire manufacturing company, has experienced a significant decline in its consolidated net income. In 2023, the company reported a loss of 1.57 million dinars, compared to a profit of 11.92 million dinars in 2022. This downturn follows a profit of 24.18 million dinars in 2021, indicating ongoing financial challenges for the company.

Sales figures also reflect a troubling trend, with operating income decreasing by 8.7% from 152.43 million dinars in 2022 to 139.15 million dinars in 2023. Operating expenses saw a slight reduction of 3.74% to 129.75 million dinars, while financial expenses surged by 20.62% to 10.93 million dinars. Ordinary earnings fell sharply by 45.83%, amounting to 953,222 dinars at the end of the reporting period.

STIP has faced scrutiny from the Customs Department regarding a 156.65 million dinar adjustment for failure to repatriate export earnings, although the company believes the financial risk is minimal based on submitted documentation. Additionally, an audit notice from the CNSS for the years 2021 to 2023 has been issued, with no adjustments reported as of the latest update. The Board of Directors has called for an Annual General Meeting for shareholders on November 15, 2024.