At the end of 2021, the SAH group achieved cumulative consolidated revenues of 683 million dinars, up 5.9% compared to 2020. Revenue growth was mainly driven by increased sales at SAH Côte d'Ivoire (+20%), Azur Detergent (+9%), and Azur Papier (+62%) thanks in particular to the commissioning of its second production line.

Also, SAH Senegal's sales continue to grow to reach nearly 8 million dinars or 1.1% of the group's revenues.

The cumulative sales of the parent company, SAH Tunisia, remained stable, following the change in its commercial policy, favoring more cash payments to secure its collection process.

In addition, consolidated revenue growth was negatively impacted by lower sales from the Libyan (-57%) and Algerian (-2.4%) subsidiaries, caused by the sharp depreciation of the Libyan dinar and export difficulties to Algeria following border closures.

The breakdown of cumulative consolidated revenues by subsidiary shows that SAH Tunisia contributes 54.8%, followed by Azur Detergent at 18.8% and Azur Papier at 15.1%.

2022 Perspectives

Thanks to its commercial and financial resilience, the SAH group keeps its momentum and continues to execute its local and regional expansion projects:

• In Algeria: The start of production of the new paper towel machine is scheduled for the 1st quarter of 2022
• In Libya: The coming into operation of an additional paper towel line and a new baby diaper line are expected in Q1 2022
• In Senegal: The installation of a new paper towel line is expected in Q1 2022, as the first line has reached full capacity. A new baby diaper line should be installed during the 3rd quarter of 2022
• In Côte d'Ivoire:The installation of a machine for the production of paper towels is planned for the 1st quarter of 2022
• In Tunisia:: A new machine to produce wipes is expected to come into operation in the 1st half of 2022. Also, SAH continues to develop its range of cosmetic products in operation for a maintained coming into operation in the year 2022. The company plans to market 285 SKUs including liquid soap, shampoo, conditioner, shower gel, and deodorant, benefiting from group synergies in terms of distribution and sales force.

The SAH Group maintains its growth forecasts in 2022 despite the expected increases in raw material prices and logistics costs, thanks to the increase in its cellulose production capacity, the increase in its production capacity in paper products, wipes, and baby hygiene as well as the launch of its range of cosmetic products.