As of March 31st, 2021, SAH Group achieved consolidated revenues of TND 170.9 million, up by 5.4% compared to the first quarter in 2020.

This growth in consolidated revenues was driven by the increase in sales of Azur Detergents (+ 23%), SAH Côte d'Ivoire (+ 35%) and Azur Papier (+ 36%), of which the second line entered in production in March 2021. Slower growth was recorded at the level of the parent company SAH Tunisie (+ 4.5%) as consequence of change in its commercial policy. Indeed, the company, favoring cash payments (to secure its collection), witnessed a decrease in its sales volume as result of the deterioration of liquidity with some customers.

As well, growth of consolidated revenues was slowed down by the Libyan subsidiary, after the depreciation of the local currency against the Tunisian dinar, and the Algerian subsidiary whose imports of raw materials were disrupted due to the current sanitary conditions, causing one month out of stock.

The breakdown of consolidated revenues by subsidiary shows that SAH Tunisie contributes at  57%, followed by Azur Détergents with 20% and Azur papier with 11%.

Financial performance :

As of March 31, 2021, SAH group achieved an EBITDA of TND 34.1 million, i.e. an increase of 10% compared to the first quarter of 2020. Also, the EBITDA margin reached 20% compared to an EBITDA margin of 19% as of March 30, 2020.

This improvement, in line with revenue growth, is also achieved through SAH's continued efforts in optimizing its raw material purchases, operating expenses as well as its production processes.

Perspectives 2021

The SAH group continues to pursue its development strategy, focused on consolidating its local and regional market share, exploring new export markets as well as diversifying its range by developing the activity of its subsidiaries: 

• Algeria: Increase in paper production, with the installation of a new paper towel and industrial paper machine. The start of production is scheduled for the third quarter of 2021; 
• Libya: The increase in its paper production with the commissioning of a kitchen towel line operated in February 2021. The entry into production of an additional kitchen towel line and a new line of baby diapers are expected in 2021; 
• Senegal: Start of production of baby diapers estimated by the end of the second quarter of 2021. Project to install a machine for the production of napkins in 2021; 
• Ivory Coast: Project to install a machine for the production of kitchen towels in 2021. 

SAH group will continue to consolidate its growth over the year 2021, which will be driven by: 

• The start-up of the second Azur Papier line in March 2021. The line, in the start-up phase, currently operating at 65% of its capacity, will have to reach cruising speed and start its cellulose exports during the third quarter; 
• Sustained growth in sales of detergents with the expansion of exports to Congo, Gabon, Burkina Faso and Mauritania. The extension project of liquid and powder units as well as plastic unit (for the production of packaging) is still underway with entry into operation scheduled for the second half of 2021; 
• Capacity increases (Adult paper and hygiene) made at the end of 2020. The two lines will thus achieve their first full year in 2021.