The Tunisian Stock Exchange has reported a significant increase in its net result for 2025, with a profit of 1,936,206 dinars, representing a 2.4-fold increase from the previous year. This growth is largely attributed to the bullish market trends in 2025. According to the financial statements of the Société de la Bourse des valeurs mobilières de Tunis, the company's operating result stood at 150,564 dinars in 2024, which was a mere 1.6% of its net products.
In 2024, the company's operating result covered only six days of its operating expenses, highlighting its struggles to generate sufficient revenue from its core activities. However, in 2025, the operating result surged to 1,567,545 dinars, representing a 10.4-fold increase. This significant improvement has enabled the company to achieve a more sustainable financial position. The company's total assets stood at 18.6 million dinars in 2024.
Historically, the Tunisian Stock Exchange has relied heavily on its financial investments to generate revenue, rather than its core activities. In 2024, financial products netted 972,959 dinars, accounting for 86.6% of the company's result before taxes and 6.5 times its operating result. However, in 2025, the contribution of financial products decreased to 40.1%, indicating a more balanced revenue structure.
The company's revenue growth in 2025 was driven by a 17.8% increase in its gross revenue, which reached 14,332,885 dinars. Meanwhile, operating expenses rose by only 2.5% to 9,459,785 dinars. The company's operating margin expanded significantly to 14.2% of its net products, resulting in a 140.9% increase in its net result.
One notable aspect of the company's financials is its significant contribution to the Conseil du marché financier (CMF) and the Fonds de garantie, which totaled 4,559,527 dinars in 2025, representing 31.8% of its gross revenue. This payment is a regulatory requirement, but it raises questions about the cost of intermediation borne by market operators and the independence of the regulator.
The company's financial statements also reveal a significant buildup of cash reserves, which stood at 8,188,717 dinars, or 37.9% of its balance sheet. The company's financial autonomy improved to 72.5%, indicating a stronger financial position. Furthermore, the company's cash flow from operations increased by 92.5% to 1,684,598 dinars.
The Tunisian Stock Exchange's improved financial performance in 2025 is a positive development for the institution, which has struggled with profitability in the past. However, questions remain about the sustainability of its growth model and the impact of regulatory requirements on its operations. The company's increased investment in financial assets, which rose by 1,352,907 dinars to 2,180,872 dinars, also warrants further explanation.
Key points
- The Tunisian Stock Exchange's net result increased by 2.4 times to 1,936,206 dinars in 2025.
- The company's operating result surged by 10.4 times in 2025, driven by a bullish market.
- The company's financial autonomy improved to 72.5% in 2025, driven by a buildup of cash reserves.
