The listed companies on the Tunis Stock Exchange recorded an overall increase in their revenues during the first nine months of 2026. According to data published by the Tunis Stock Exchange, cumulative revenues reached 19.2 billion Tunisian dinars, up 4.2% from the same period in 2025. Meanwhile, the reference index TUNINDEX rose 36.70% as of September 30, 2026.
The Essentials
- 19.2 billion Tunisian dinars : total revenues of the companies that published their indicators for the first nine months of 2026, up 4.2%.
- 46 companies out of 72 : about 64% of declaring companies improved their revenues.
- 7.758 billion dinars : revenues of the financial sector, up 6.5%.
- +36.70% : performance of the TUNINDEX as of September 30, 2026, vs +24.62% a year earlier.
- Three non-declaring companies : AETECH, TUNISAIR and UADH, as of the publication date of the note.
72 sociétés sur 75 ont publié leurs indicateurs d’activité
As of October 20, 2026, the regulatory deadline for publication, only 43 listed companies had communicated their third-quarter activity indicators, representing 57% of the listed market.
As of the publication date of the Tunis Stock Exchange note, this number had risen to 72 companies, representing 96% of listed companies.
Three companies had still not published their indicators: AETECH, TUNISAIR and UADH.
Among the 72 reporting companies, 46 recorded an improvement in their cumulative revenues for the first nine months of 2026, compared with the same period of the previous year.
Les revenus globaux atteignent 19,2 milliards de dinars
The cumulative revenues of the listed companies that published indicators reached 19.2 billion Tunisian dinars at the end of September 2026, up from 18.5 billion dinars in the first nine months of 2025, a rise of 4.2% according to BVMT.
The 20 companies comprising the TUNINDEX20 account for a particularly large share of this activity. Their cumulative revenues stand at 12.7 billion dinars, representing about 66% of the total revenue of declaring companies.
This amount corresponds to a 3.9% increase compared with the same period in 2025.
| Indicator | 9 months 2025 | 9 months 2026 | Evolution |
|---|---|---|---|
| Total revenues (billion DT) | 18.5 | 19.2 | +4.2 % |
| Revenus des sociétés du TUNINDEX20 (bn) | — | 12.7 | +3.9 % |
Source : BVMT. Amounts rounded as published; variations communicated by BVMT.
Le secteur financier progresse de 6,5 %, porté notamment par les assurances
The financial sector shows a positive trend over the first nine months of 2026, with a total revenue of 7,758 million dinars, up from 7,282 million dinars in the same period of 2025, i.e., a growth of 6.5%.
The 12 listed banks produced a cumulative net banking product (PNB) of 5,747 million dinars, up from 5,434 million a year earlier, which represents a 5.8% increase.
The seven listed leasing companies, for their part, recorded a cumulative net leasing revenue of 455 million dinars, up from 437 million, i.e., a 4.2% rise.
Insurance stands out with a more sustained increase. The seven listed insurance companies issued premiums totaling 1,518 million dinars, up from 1,372 million in 2025, i.e., an increase of 10.6%.
| Activity | 2025 (bn) | 2026 (bn) | Variation |
|---|---|---|---|
| Banks – PNB | 5.434 | 5.747 | +5.8 % |
| Leasing – net revenue | 437 | 455 | +4.2 % |
| Insurance – premiums written | 1 372 | 1 518 | +10.6 % |
| Financial sector – total revenue | 7 282 | 7 758 | +6.5 % |
Source : BVMT. Data cumulative for the first nine months of each fiscal year. Banking, leasing and insurance indicators are of different nature and should not be equated to uniform commercial turnover. The sector total is reproduced as published.
Agroalimentaire : Délice, Poulina et SFBT dépassent les 5 milliards de dinars
In the consumer goods sector, the three major listed agro-food groups, Delice Holding, Poulina Group Holding, and SFBT, show a cumulative total revenue of 5,007 million dinars in the first nine months of 2026.
This amount was 4,818 million dinars during the same period in 2025, i.e., an increase of 3.9%.
This evolution indicates an increase in the cumulative revenues of these three groups, without, by itself, allowing to distinguish the effect of volumes sold from that of prices.
Automobile : les revenus des concessionnaires reculent de 6 %
The automotive distribution sector shows a different trend. The cumulative turnover of the four listed automobile dealerships that published their data, excluding UADH, declined by 6% as of September 30, 2026.
It stood at 1,049 million dinars, down from 1,116 million dinars at the end of September 2025.
This drop corresponds to a fall of about 67 million dinars over the period. The aggregated data do not allow a precise determination of the respective contributions of vehicle sales volumes, prices, or the sales mix.
Grande distribution : Monoprix et Magasin Général en hausse de 8,4 %
The two listed general retailers on the Stock Exchange, Monoprix and Magasin Général, posted a cumulative total revenue of 1,616 million dinars at the close of the first nine months of 2026.
A year earlier, this amount stood at 1,491 million dinars. The increase thus amounts to 8.4%.
In absolute terms, the two chains generated about 125 million dinars of additional revenue compared with the comparable period of 2025.
Télécommunications en hausse, matériaux de base et santé en recul
Sector performances remain mixed. According to the Tunis Stock Exchange, six other sectors posted positive revenue evolutions, notably a 15.2% rise for telecommunications and 7.7% for industrials.
Conversely, basic materials recorded a decline of 21.5%, while the health sector fell by 10.2% and the oil and gas sector by 9%.
| Sector | Revenue evolution |
|---|---|
| Telecommunications | +15.2 % |
| Industrials | +7.7 % |
| Financial sector | +6.5 % |
| Oil and gas | -9.0 % |
| Health | -10.2 % |
| Basic materials | -21.5 % |
Source : BVMT. Variations in cumulative revenues from January–September 2026 compared with January–September 2025.
Across the eleven sub-sectors examined, excluding travel and leisure, seven recorded positive changes. Insurance tops the list with 10.6%, followed by industrial goods and services (+8.3%) and building materials (+6.6%).
SITS, SIPHAT et SOTUVER parmi les plus fortes hausses de revenus
At the company level, individual evolutions reveal particularly wide gaps.
SITS shows the strongest revenue increase among the companies listed in the note, with a rise of 307.8%. It is followed by SIPHAT (+39.2%), SOTUVER (+31.2%) and BH Assurance (+25.5%).
In contrast, ESSOUKNA records a decline of 40.2%, followed by ALKIMIA (-39.6%), NEW BODY LINE (-32.6%) and CELLCOM (-32.1%).
| Strongest gains | Variation | Strongest declines | Variation |
|---|---|---|---|
| SITS | +307.8 % | ESSOUKNA | -40.2 % |
| SIPHAT | +39.2 % | ALKIMIA | -39.6 % |
| SOTUVER | +31.2 % | NEW BODY LINE | -32.6 % |
| BH ASSURANCE | +25.5 % | CELLCOM | -32.1 % |
Source : BVMT. Variations in cumulative revenues for the first nine months of 2026 compared with the same period in 2025. This ranking does not measure profits or stock market performance of the stocks involved.
Le TUNINDEX gagne 36,70 % à fin septembre 2026
On the stock market, index performance markedly outpaces the growth in the cumulative revenues of listed companies.
The TUNINDEX, the main index of the Tunis Stock Exchange, shows a rise of 36.70% from the start of the year to September 30, 2026, whereas it increased by 24.62% over the first nine months of 2025.
The TUNINDEX20 index, which groups twenty large listed values, also follows this trend, with a performance of 34.68%, compared with 26.43% in the comparable period of 2025.
| Index | Jan–Sep 2025 | Jan–Sep 2026 | Difference (points) |
|---|---|---|---|
| TUNINDEX | +24.62 % | +36.70 % | +12.08 |
| TUNINDEX20 | +26.43 % | +34.68 % | +8.25 |
Source : BVMT. Point differences in percentages: TN calculated from published performances. The two periods correspond to the first nine months of 2025 and 2026.
Les indices des assurances et des services financiers en tête
At the close of the third quarter 2026, eleven of the twelve sector indices published by the Tunis Stock Exchange posted positive performances.
Insurance leads the sector performances, with a rise of 50.89 %. It is followed by financial services (+49.76%) and consumer services (+42.52%).
| Sector index | Performance as of 30/09/2026 |
|---|---|
| Assurances | +50.89 % |
| Services financiers | +49.76 % |
| Services aux consommateurs | +42.52 % |
Source : Tunis Stock Exchange. Stock market performances of sector indices since the start of 2026, up to September 30.
Une progression boursière qui ne reflète pas uniformément l’activité des entreprises
The stock market rise clearly outpaces the growth in revenues of listed companies.
The TUNINDEX, the main index of the Tunis Stock Exchange, shows a rise of 36.70% from the start of the year to September 30, 2026, versus a 24.62% increase in the first nine months of 2025.
The TUNINDEX20 index, which gathers twenty large listed values, also follows this trend, with a performance of 34.68%, compared to 26.43% in the corresponding period of 2025.
| Index | Jan–Sept 2025 | Jan–Sept 2026 | Gap (points) |
|---|---|---|---|
| TUNINDEX | +4. %@ |
Source : BVMT. Percentage point gaps: calculated from published performances. The two periods correspond to the first nine months of 2025 and 2026.
Les indices des assurances et des services financiers en tête
At the close of the third quarter 2026, eleven of the twelve sector indices published by the Tunis Stock Exchange displayed positive performances.
The insurance indices lead the sector performances, with a rise of 50.89 %. They are followed by financial services (+49.76%) and consumer services (+42.52%).
| Sector index | Performance as of 30/09/2026 |
|---|---|
| Assurances | +50.89 % |
| Services financiers | +49.76 % |
| Services aux consommateurs | +42.52 % |
Source : Tunis Stock Exchange. Sector index performances since the start of 2026, up to September 30.
Une progression boursière qui ne reflète pas uniformément l’activité des entreprises
The stock market rise highlights two distinct dynamics when compared with company revenues: an overall 4.2% growth in the cumulative revenues of declaring companies and a 36.70% rise in the TUNINDEX over the first nine months of 2026.
These two indicators do not measure the same reality. Revenues reflect the activity declared by the companies, while stock indices reflect the evolution of the share prices that make up the indices, according to their calculation methodology.
Thus, the rise in prices does not necessarily mean that company profits have grown by similar proportions. The published activity indicators are not, by themselves, sufficient to assess changes in profitability, margins, or net results.
The Tunis Stock Exchange data thus reveal a general growth in revenues, accompanied by significant gaps between companies and sectors. They also show that positive stock index performances coexist with sometimes substantial declines in revenues for several listed companies.
Source: Tunis Stock Exchange (BVMT),
