Ste Chimique Alkimia SA

The company’s capital structure shows negative equity (-TND190.06M) and a debt-to-equity ratio of -0.37, indicating liabilities exceed assets. Liquidity is constrained, with cash and equivalents (TND6.58M) insufficient to cover short-term obligations, as reflected in a current ratio of 0.28. Free cash flow is negative (-TND36.11M), driven by operating cash outflows (-TND3.46M) and capital expenditures (-TND1.91M). Profitability metrics are weak: operating income is negative (-TND18.70M) and net income is -TND44.40M, with return on assets at -22.84%. Return on equity (23.36%) is elevated due to negative equity, not operational performance. These results fall below typical thresholds for Commodity Chemicals, where positive operating margins and asset returns are standard. Revenue is concentrated in sodium tripolyphosphate production and packaging, with geographic exposure in Tunisia and Algeria via joint ventures. No segment breakdown is disclosed, but the company’s reliance on a single plant in Ghannouch and a single product line increases operational risk. Growth appears stagnant, with reported revenue (TND168.51M) below analyst estimates (TND253.83M). Outlook data is absent, but historical performance suggests declining revenue and margins, consistent with industry headwinds in raw material pricing and regional demand. Risk factors include high leverage (TND70.26M long-term debt) and negative equity, with liquidity risk rated medium. Dilution risk is low, but the company’s negative free cash flow and operating losses may force future capital raises. Recent filings show no material events, but the 2026-04 sanctions on North African chemical exports could disrupt operations. No earnings call transcripts are available for further insight.