Tunisian Listed Companies Post 5.7% Revenue Growth Amid Market Rally
TLDR
- Tunisian listed companies maintained strong momentum through the first nine months of 2025, with total cumulative revenues reaching 18.5 billion dinars
- The growth was broad-based, with 81% of listed firms reporting higher activity despite persistent macroeconomic pressures
- Market performance mirrored this improvement — the Tunindex gained 24.62%, while the Tunindex20 rose 26.43%, driven by solid performances across banking, insurance, and consumer sectors
Tunisian listed companies maintained strong momentum through the first nine months of 2025, with total cumulative revenues reaching 18.5 billion dinars, up 5.7% year-on-year, according to the Tunis Stock Exchange’s latest report. The growth was broad-based, with 81% of listed firms reporting higher activity despite persistent macroeconomic pressures.
Market performance mirrored this improvement — the Tunindex gained 24.62%, while the Tunindex20 rose 26.43%, driven by solid performances across banking, insurance, and consumer sectors.
The financial sector remained the main driver, contributing 7.3 billion dinars in revenue (+5.3%), supported by BIAT (+9.7%) and BNA (+8.9%). Insurance companies advanced 7.3%, while consumer goods firms such as Délice, Poulina, and SFBT posted a combined 4.3% increase. Distribution rose 13.2%, and Technology led all sectors with +22.9% growth.
Top gainers included Tuninvest SICAR (+171.6%), STA (+54.1%), and ARTES (+39.3%), while SIMPAR (-78.5%) and Carthage Cement (-11.8%) lagged.
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Key Takeaways
The Tunisian equity market’s broad-based uptrend underscores investor resilience and confidence in domestic corporates despite sluggish economic growth and inflationary pressures. Financials remain the backbone of the market, supported by robust banking results and strong insurance activity. The expansion in the distribution and technology sectors signals a gradual diversification of Tunisia’s growth engines, with rising private consumption and digital transformation emerging as new themes. Meanwhile, uneven performance across companies highlights ongoing structural challenges—particularly in manufacturing and construction, where cost pressures and weaker export demand persist. The double-digit rally in the Tunindex and Tunindex20 reflects renewed investor interest in equities as a hedge against inflation and currency risk. If sustained, the trend could attract further domestic and regional capital to the Tunis market, reinforcing its position as one of North Africa’s most active exchanges amid a broader recovery in corporate earnings.
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