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SAH
On this page
Company details
- Legal name
- Société d'Articles Hygiéniques SA
- Listing
- SAH on the Bourse de Tunis, active · ISIN TN0007610017 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2025 · audited financial statements, final status not established · source
Read with these figures
- Audited financial statements not confirmed as final. The published copy is unsigned. The FY2025 figures come from it.
- Auditor's emphasis of matter. Observation (PDF p62): the auditors draw attention to note VII: subsidiary Azur Papier SA was subject to a social-security inspection covering 1 January 2022 to 31 December 2024, and subsidiary SAH Libye is under an in-depth tax audit from its incorporation to 31 December 2024; the procedures are ongoing and their final impact cannot be estimated precisely.
Full wording and sources
Audited financial statements for 2025: final status not established
The exchange's published notice reproduces the commissaires aux comptes' report on the consolidated statements, dated 'Tunis, le 20 mai 2026' (PDF p61), closed with the typeset firm and partner names 'Conseil Audit Formation, Abir Matmti' and 'ADR Auditing and Advising, Adel Rekik' and no signature or stamp (PDF p65, page image). No board approval date is printed; the notice (p1) says the statements will be submitted to the ordinary general meeting of 9 June 2026. A signed copy would settle the final status.
Source: Avis de sociétés — Etats financiers consolidés, Société d'Articles Hygiéniques (SAH), arrêtés au 31 décembre 2025 (dated 2026-05-20)
Auditor's emphasis of matter
Observation (PDF p62): the auditors draw attention to note VII: subsidiary Azur Papier SA was subject to a social-security inspection covering 1 January 2022 to 31 December 2024, and subsidiary SAH Libye is under an in-depth tax audit from its incorporation to 31 December 2024; the procedures are ongoing and their final impact cannot be estimated precisely. The opinion is not modified on these points.
Source: Avis de sociétés — Etats financiers consolidés, Société d'Articles Hygiéniques (SAH), arrêtés au 31 décembre 2025 (dated 2026-05-20)
-
Revenue
TND 983 million
983,194,664 TND units · p4
+0.6% vs 2024
-
Operating profit / (loss)
TND 114 million
114,064,710 TND units · p4
−2.0% vs 2024
-
Profit / (loss) for the year
TND 60.3 million
60,286,166 TND units · p4
−10.2% vs 2024
-
Total assets
TND 1.45 billion
1,452,997,177 TND units · p2
+8.8% vs 2024
-
Total equity
Not reported in this filing
-
Cash from operations
TND 100.0 million
99,982,152 TND units · p5
−11.0% vs 2024
Large amounts are rounded for reading (TND million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in TND units unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2025 — audited financial statements, final status not established; reported for the year · source
- FY2024 — audited financial statements, final status not established; comparative in the FY2025 filing · source
Income statement
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Revenus | 983,194,664 | 977,257,157 |
| Autres produits d'exploitation | 3,785,880 | 4,732,696 |
| Total des produits d'exploitation1 | 986,980,544 | 981,989,853 |
| Variation de stock de produits finis et encours2 | (5,854,131) | 22,886,299 |
| Achats consommés de matières et d’emballages3 | (546,182,080) | (575,935,735) |
| Charges de personnel | (118,082,557) | (107,698,523) |
| Dot aux amortissements et aux provisions4 | (61,272,788) | (70,845,118) |
| Autres charges d'exploitation | (141,524,278) | (133,961,511) |
| Total des charges d'exploitation5 | (872,915,834) | (865,554,588) |
| Résultat d'exploitation | 114,064,710 | 116,435,265 |
| Charges financières nettes6 | (49,299,791) | (50,068,613) |
| Produits des placements7 | 2,609,250 | 2,076,859 |
| Autres gains ordinaires8 | 4,995,322 | 6,694,601 |
| Autres pertes ordinaires9 | (3,708,283) | (3,083,771) |
| Résultat des activités ordinaires avant | 68,661,208 | 72,054,341 |
| Impôt sur les sociétés | (8,375,042) | (4,938,357) |
| Résultat des activités ordinaires après | 60,286,166 | 67,115,984 |
| Part des minoritaires10 | (3,000,567) | 5,507,183 |
Notes and alternative reported figures (10)
- “Total des produits d'exploitation” is an issuer-specific line, not mapped to a shared definition: Note IV.1: revenue plus other operating income.
- “Variation de stock de produits finis et encours” is an issuer-specific line, not mapped to a shared definition: Printed among operating charges.
- “Achats consommés de matières et d’emballages” is an issuer-specific line, not mapped to a shared definition: Note IV.2.
- “Dot aux amortissements et aux provisions” is an issuer-specific line, not mapped to a shared definition: Note IV.4.
- “Total des charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Operating charges (printed negative).
- “Charges financières nettes” is an issuer-specific line, not mapped to a shared definition: Note IV.6: net financial charges.
- “Produits des placements” is an issuer-specific line, not mapped to a shared definition: Printed without a note.
- “Autres gains ordinaires” is an issuer-specific line, not mapped to a shared definition: Note IV.7.
- “Autres pertes ordinaires” is an issuer-specific line, not mapped to a shared definition: Note IV.8.
- “Part des minoritaires” is an issuer-specific line, not mapped to a shared definition: Minority share of the consolidated result as printed on the income statement ((3 000 567) for 2025).
Balance sheet
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Ecart d'acquisition (net)1 | 32,153,561 | 21,935,083 |
| Immobilisations incorporelles (net) | 1,996,743 | 2,514,021 |
| Immobilisations corporelles (net) | 465,052,912 | 461,118,832 |
| Immobilisations financières2 | 6,403,568 | 6,139,054 |
| Titre mis en équivalence | 3,765,222 | –3 |
| Total des actifs immobilisés4 | 509,372,006 | 491,706,990 |
| Autres actifs non courants5 | 16,374,989 | 14,948,970 |
| Total des actifs non courants | 525,746,995 | 506,655,960 |
| Stocks (net) | 392,559,284 | 380,596,629 |
| Clients et comptes rattachés (net) | 340,703,426 | 283,757,560 |
| Autres actifs courants (net)6 | 79,340,954 | 72,877,242 |
| Placements et autres actifs financiers | 45,804,216 | 41,004,216 |
| Liquidités et équivalents de liquidités | 68,842,302 | 50,088,043 |
| Moins : provisions7 | –8 | (9,064) |
| Total des actifs courants | 927,250,182 | 828,314,626 |
| Total des actifs | 1,452,997,177 | 1,334,970,586 |
| Capital social | 84,015,979 | 84,015,979 |
| Réserves légales9 | 8,401,598 | 8,401,598 |
| Résultats reportés | 189,989,574 | 172,867,563 |
| Réserves consolidés10 | 29,196,192 | 22,878,860 |
| Subventions d'investissements11 | 4,472,427 | 3,640,915 |
| Primes d'émission | –12 | 74,957 |
| Résultat consolidé (part du groupe)13 | 63,286,733 | 61,608,801 |
| Total des capitaux propres (part du Groupe) | 379,362,503 | 353,488,673 |
| Part des minoritaires | 110,763,521 | 99,163,422 |
| Emprunts | 97,800,512 | 108,972,328 |
| Autres passifs non courants14 | 4,608,348 | 3,898,587 |
| Total des passifs non courants | 102,408,860 | 112,870,915 |
| Fournisseurs et comptes rattachés | 299,679,065 | 234,239,802 |
| Autres passifs courants15 | 75,874,441 | 82,378,217 |
| Autres passifs financiers courants16 | 469,004,572 | 440,376,437 |
| Concours bancaires | 15,904,215 | 12,453,120 |
| Total des passifs courants | 860,462,293 | 769,447,576 |
| Total des passifs | 962,871,153 | 882,318,491 |
| Total des capitaux propres et des passifs | 1,452,997,177 | 1,334,970,586 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.native.co_2jzrkcjhmjh2.total_fixed_assets.
- Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
- Printed “-”, read as nil: subtotal_arithmetic: bs.equity_attributable_to_owners.
Notes and alternative reported figures (13)
- “Ecart d'acquisition (net)” is an issuer-specific line, not mapped to a shared definition: Goodwill on consolidation less amortisation (net row, p2).
- “Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Note III.3.
- “Total des actifs immobilisés” is an issuer-specific line, not mapped to a shared definition: Subtotal of goodwill, intangible, tangible, financial and equity-accounted fixed assets.
- “Autres actifs non courants” is an issuer-specific line, not mapped to a shared definition: Printed without a note.
- “Autres actifs courants (net)” is an issuer-specific line, not mapped to a shared definition: Note III.7: other current assets less provisions (net row).
- “Moins : provisions” is an issuer-specific line, not mapped to a shared definition: Provisions on cash and cash equivalents, printed below 'Liquidités et équivalents de liquidités' and deducted in the current-assets total.
- “Réserves légales” is an issuer-specific line, not mapped to a shared definition: Legal reserves.
- “Réserves consolidés” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves.
- “Subventions d'investissements” is an issuer-specific line, not mapped to a shared definition: Investment subsidies held in equity.
- “Résultat consolidé (part du groupe)” is an issuer-specific line, not mapped to a shared definition: The year's consolidated result (group share) shown within equity.
- “Autres passifs non courants” is an issuer-specific line, not mapped to a shared definition: Note III.12.
- “Autres passifs courants” is an issuer-specific line, not mapped to a shared definition: Note III.14.
- “Autres passifs financiers courants”: mapping to a shared definition is uncertain. Printed 'Autres passifs financiers courants' (note III.15): current financial liabilities other than bank overdrafts (current portion of borrowings and short-term credit, as the cash-flow line 'emprunts et crédit de gestion' suggests); not separately broken down here.
Cash flow
| Line (as printed) | FY2025Audited financial statementsreported for the year | FY2024Audited financial statementscomparative in FY2025 filing |
|---|---|---|
| Résultat net1 | 60,286,166 | 67,115,984 |
| Amortissements et provisions2 | 61,272,788 | 70,845,118 |
| Plus ou moins-value de cession3 | (3,907,646) | (677,692) |
| Quote part des subventions inscrites en résultat4 | 831,512 | (587,802) |
| Stocks5 | (11,823,812) | (65,024,242) |
| Créances clients6 | (58,411,290) | (36,710,636) |
| Autres actifs7 | (7,201,052) | (16,672,349) |
| Fournisseurs et autres dettes8 | 65,439,263 | 70,540,743 |
| Autres passifs9 | (6,503,777) | 23,523,052 |
| Flux de trésorerie provenant de l’exploitation | 99,982,152 | 112,352,176 |
| Décaissement pour acquisition des immob10 | (55,433,568) | (58,956,359) |
| Encaissement provenant de la cession d’immob11 | 3,907,646 | 803,420 |
| Enc/Déc sur cession d’immob fin12 | (4,029,736) | 1,428,764 |
| Décaissement pour acquisition des autres actifs13 | (6,488,687) | (13,445,405) |
| Subventions d'investissements14 | –15 | 1,000,000 |
| Flux de trésorerie liés aux activités d'investissement | (62,044,345) | (69,169,580) |
| Encaissement / Décaissement d’emprunts et crédit de gestion16 | 17,456,319 | 44,058,287 |
| Distribution des dividendes17 | (33,606,392) | (29,405,593) |
| Placements18 | (4,800,000) | (33,000,000) |
| Flux de trésorerie liés aux activités de financement | (20,950,073) | (18,347,306) |
| Variation de trésorerie | 16,987,734 | 24,835,290 |
| Ecart de conversion et variation du périmètre19 | 9,962,644 | 13,601,566 |
| Ecart d'acquisition20 | (11,647,214) | (11,518,072) |
| Trésorerie au début de l'exercice | 37,634,923 | 10,716,139 |
| Trésorerie à la clôture de l'exercice | 52,938,087 | 37,634,923 |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (19)
- “Résultat net” is an issuer-specific line, not mapped to a shared definition: Starting point of the indirect method: net result of the consolidated whole.
- “Amortissements et provisions” is an issuer-specific line, not mapped to a shared definition: Operating activities (indirect method).
- “Plus ou moins-value de cession” is an issuer-specific line, not mapped to a shared definition: Operating activities (indirect method).
- “Quote part des subventions inscrites en résultat” is an issuer-specific line, not mapped to a shared definition: Operating activities (indirect method).
- “Stocks” is an issuer-specific line, not mapped to a shared definition: Operating activities (indirect method).
- “Créances clients” is an issuer-specific line, not mapped to a shared definition: Operating activities (indirect method).
- “Autres actifs” is an issuer-specific line, not mapped to a shared definition: Operating activities (indirect method).
- “Fournisseurs et autres dettes” is an issuer-specific line, not mapped to a shared definition: Operating activities (indirect method).
- “Autres passifs” is an issuer-specific line, not mapped to a shared definition: Operating activities (indirect method).
- “Décaissement pour acquisition des immob”: mapping to a shared definition is uncertain. Printed 'Décaissement pour acquisition des immob': acquisitions of fixed assets, not split between tangible and intangible.
- “Encaissement provenant de la cession d’immob”: mapping to a shared definition is uncertain. Printed 'Encaissement provenant de la cession d'immob': disposals of fixed assets, not split between tangible and intangible.
- “Enc/Déc sur cession d’immob fin” is an issuer-specific line, not mapped to a shared definition: Investing activities: net receipts/payments on financial fixed assets.
- “Décaissement pour acquisition des autres actifs” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Subventions d'investissements” is an issuer-specific line, not mapped to a shared definition: Investing activities: investment subsidies received.
- “Encaissement / Décaissement d’emprunts et crédit de gestion” is an issuer-specific line, not mapped to a shared definition: Financing activities: net borrowings and working-capital credit.
- “Distribution des dividendes”: mapping to a shared definition is uncertain. Printed 'Distribution des dividendes' in the consolidated cash flows: may include dividends paid to minority shareholders of subsidiaries.
- “Placements” is an issuer-specific line, not mapped to a shared definition: Financing activities: placements, as printed in the financing section.
- “Ecart de conversion et variation du périmètre” is an issuer-specific line, not mapped to a shared definition: Printed after 'Variation de trésorerie' and before the opening balance; reconciles to the closing balance.
- “Ecart d'acquisition” is an issuer-specific line, not mapped to a shared definition: Printed after 'Variation de trésorerie' and before the opening balance; reconciles to the closing balance.
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Dec 2025 | Dividends paid (cash flow statement) | Distribution des dividendes |
(33,606,392) | TND units | Audited financial statements, p5 |
| 31 Dec 2024 | Dividends paid (cash flow statement) | Distribution des dividendes |
(29,405,593) | TND units | Audited financial statements, p5 |
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
-
Avis de sociétés — Etats financiers consolidés, Société d'Articles Hygiéniques (SAH), arrêtés au 31 décembre 2025
Year ended 31 December 2025 · Audited financial statements · final status not established
Audit: Conseil Audit Formation (Abir Matmti) and ADR Auditing and Advising (Adel Rekik), commissaires aux comptes, unmodified opinion
Auditor's sign-off: Abir Matmti, Conseil Audit Formation; Adel Rekik, ADR Auditing and Advising
Final status: The exchange's published notice reproduces the commissaires aux comptes' report on the consolidated statements, dated 'Tunis, le 20 mai 2026' (PDF p61), closed with the typeset firm and partner names 'Conseil Audit Formation, Abir Matmti' and 'ADR Auditing and Advising, Adel Rekik' and no signature or stamp (PDF p65, page image). No board approval date is printed; the notice (p1) says the statements will be submitted to the ordinary general meeting of 9 June 2026. A signed copy would settle the final status.
- Document date
- 20 May 2026
- Auditor's report
- 20 May 2026
- Board approval
- date not found in this document
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · TND units (printed “Exprimé en Dinar Tunisien”)
- No total-equity line is printed: group equity ('Total des capitaux propres (part du Groupe)' 379 362 503) and minority interests ('Part des minoritaires' 110 763 521) are printed separately and add, with total liabilities, to total equity and liabilities (p3).
- The cash-flow statement prints 'Ecart de conversion et variation du périmètre' (9 962 644) and 'Ecart d'acquisition' ((11 647 214)) after 'Variation de trésorerie'; with the opening balance they reach the closing trésorerie 52 938 087, which equals liquidités 68 842 302 less concours bancaires 15 904 215 (pp2-5).
- The income statement prints the result after tax of the consolidated whole (60 286 166), then the group share (63 286 733) and the minorities' share ((3 000 567)) (p4).
- Key audit matter: valuation of inventories (net 392 559 284 TND; provision 12 839 627 TND) (p62).
Technical details
- File
- 65 pages, with a text layer
- SHA-256
5a857e66a77f6f124b4233eb275dd0a1d3a78bb151583d71bb637f159fc2fd83- Entity as printed
- Société d'Articles Hygiéniques (SAH); groupe « Société d'Articles Hygiéniques – SAH »
- Exchange copy
- retrieved 2026-10-08T18:07:49Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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