Tunisia: Sotemail loses its Russian subsidiary and with it 390 thousand TND

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    At the end of the first half of 2019, Lotfi Abdennadher’s group Sotemail saw its revenues increase by just over 5 MD and its operating expenses by just over 3 MD and its net profit hits 1.016 MD, also up compared to the 0.203 MD in the same period in 2018.

    However, its Auditors draw attention to the state of its Russian subsidiary “LTD KIT”, created in 2015 to promote its exports in the Eurasian zone.

    The subsidiary, however, has experienced financial difficulties and is now at a standstill.

    They also draw attention to “the existence of bad loans for an amount of 1.526 MD, including the Russian subsidiary for 0.390 MD, a claim of 0.449 MD on a Libyan customer, another 0.344 MD on an Algerian customer and a last of 0.584 MD on a Jordanian customer.

    It should be noted at the end that Sotemail had benefited from a tax amnesty, on interest and late penalties, for a total of 0,404 MD, of which 241 thousand dinars relating to 2018 and 163 thousand dinars relating to previous years.

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