BUSI

SOT
Email: sotrapil@sotrapil.com.tn
Website: https://www.sotrapil.com.tn REPO
Current Director: President Afif Mabrouki
 1

CONTENTS
introduction......................................1
Financial analysis of SOTRAPIL...............2
3
 2

INTRODUCTION
Created in September 1979, the company of transport of hydrocarbons by pipelines
"SOTRAPIL" began its operations in 1984. Enjoying a position, SOTRAPIL ensures, on its own
the transport of hydrocarbons on the whole territory of the Tunisian Republic through:

1/- The construction and operation of a pipeline between Bizerte and Rades, with a length
of about 71 kms, reservoirs, depots, and annexes for the transport, storage, and delivery of
hydrocarbons.

2/- A station in Bizerte, intended mainly pumping refined petroleum products from the STIR
towards the station of Rades.

3/- A terminal center in Rades, intended to ensure and distribution of petroleum products
coming from Bizerte towards the depots of the various customers.

4/- The construction and operation of a pipeline between La Goulette and the airport of
Tunis-Carthage for the transport of Jet.

▪ SOTRAPIL's client companies are. following: AGIL, Vivo Energy, Ola Energy, Total and
STAROIL.

 It is the only operator in the country in this sector of services related to energy.
 It located in Boulvard de la terre _ centre urbain Nord- 1003 Tunis
3
 4

 In 2021, SOTRAPIL posted a double-digit increase in revenues.

 The turnover of the hydrocarbon carrier rose by 18% to 16.5MDt but remains
below the 2018 achievements. This clear recovery in activity is explained by the
increase in demand form:

o diesel imported from the oil port of Rades.

o the gradual recovery of air traffic, after a year 2020 suffering from the
spread of the Covid-19 pandemic and the sanitary measures decided by
the Tunisian authorities.

At the end of 2021, the gross margin of the company amounted to 15.4MDt,
representing an annual increase of 18.7%. The company's margin rate remained stable
at 93%.. The EBITDA margin rate improved by 1 point to 62%. Personnel costs
constitute the most important operating expense, representing 31% of the company's
total operating revenues, compared to 34% of revenues a year earlier.
 5

 Total quantities transported during the first half of 2021 to the end of June 2022
decreased to 3.53%.
This decrease is mainly due to the decrease in quantities transported via the Bizerte-
Rades pipeline by 8.05%

 Total transportation revenues increased by 2.73%

 A total operating income of 9,214,172 TND at the end of June 2022 against 8,787,730
TND at the end of June 2021

 an increase of about 4.85% explained on the one hand by the

 6

the increase of the income of the by 2.73% and on the other hand by the increase of the
other operating by 23.28%.

 Total operating expenses of around 4,806,542 dinars against 4,575,460 dinars at the end
of June 2021 i.e., an increase of about 5.05%.

From a financial perspective, the hydrocarbon carrier is known for its known for its solid balance
sheet structure.

An atypical structure marked by a low working capital requirement (a negative WCR of -0.6MDt
in 2021), by a negative net debt (-46 million in 2021) and a large cash and a large cash surplus.

Stock market performance of SOTRAPIL share

 7

The hydrocarbon carrier, which has been affected by affected by the fallout from the
crisis (posting revenues in 2020, down 18.1% annually) has been well protected on
the stock market, gaining 17.8% at the end of 2021.

In 2022, the stock market performance of the share has been a modest 5.8% year-
to-date.

known for its recurring revenues, strong recurring revenues, its strong
 8

cash-generating capacity and above all the attractiveness of its dividend

yield and its low valuation levels.

And From technical perspective , the price reaches a higher low in the support
level