AlphaMena Corporate Services - Societe Generale Industrielle de Filtration S.A. (GIF) A positive H1 2016, but the situation remains difficult

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AlphaMena Corporate Services

EUR 236.14 For Business Accounts Only

A positive H1 2016, but the situation remains difficult

GIF Filter posted its H1 2016 figures, showing a 16.15% revenue increase to TND6.717m vs. TND5.783m a year ago. The domestic market showed a slight improvement of 3.57% to TND4.886m. The export sales jumped by 71.87% to reach TND1.830m. Furthermore, the production was up by 11.6%, yoy. The investments engaged during the first half of the year amounted to TND0.212m vs. an investment of TND2.437m by the end of 2015, oriented mainly to the acquisition of transport and industrial equipment.

20/07/2016 2 EN

Underlying

Societe Generale Industrielle de Filtration S.A.

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TN0007130016 Tunis Stock Exchange Tunisia

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AlphaMena Corporate Services

AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.

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A positive H1 2016, but the situation remains difficult

Clearer sky

Moody's: BNP Paribas and Societe Generale will continue to feel pinch from ultra-low interest rates, but geographic and business diversification will help to offset pressures on profitability

A good Q1

Resilient despite the turmoil

Tough year but better long term perspectives (Jordan Ahli Bank)

A boost is needed

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