The Tunis Stock Exchange has just published an analysis of dividend distributions over the past three financial years—2022, 2023 and 2024. In 2024, the standalone earnings of companies listed on the Tunis Stock Exchange also maintained a steady upward trend over the period.
Dividends paid for the 2024 financial year by listed companies rose by 13.4% to reach TND 1,580 million. This performance is all the more notable as it comes after two successive increases in 2023 (+10.6%) and 2022 (+10.8%).
The total amount of dividends distributed posted a third consecutive annual rise over the 2022–2024 period, climbing from TND 1,259 million in 2022 to TND 1,580 million in 2024—an increase of 25.4% (+TND 321 million). Overall, over the period under review, and with the exception of 2023, dividends moved in line with the profits generated by companies.
It is worth noting that 2024 recorded the strongest dividend growth (+13.4%). This performance was driven in particular by the two leading sectors—“Financial Companies” and “Consumer Goods”—which rose by 9.5% and 19.2%, respectively.
“Financial Companies” account for more than 61% of total dividends distributed, confirming their role as the market’s main engine in terms of payouts.
The Top 5 maintained its dominant position at around 55% on average, underscoring a high concentration of dividends within the same group of large-cap companies. Over the past two financial years, the share allocated to the rest of the listed stocks appears to have stabilised at around 44%.
An average of 81% over 2022–2024 shows that May, June and July are the key months for dividend distributions. This period corresponds to the implementation phase of decisions taken at Annual General Meetings (AGMs), which are often held between April and May. In fact, in 2024, 96% (47 out of 49) of AGMs of dividend-paying companies were held between April and July.
TOP 5: The Same Line-Up
According to the Tunis Stock Exchange’s analysis, with 61% of total distributions, financial companies reaffirm their leadership in dividend payments. The Top Five, which captures more than 55% of dividends, includes four banks—BIAT, ATTIJARI BANK, AMEN BANK and BT—alongside SFBT.
The composition of the Top 5—accounting for more than 55% and made up of four banks (BIAT, ATTIJARI BANK, AMEN BANK and BT) plus SFBT—remained unchanged over 2022–2024. However, the amounts distributed by this group increased by 29% over the period, rising from TND 683 million in 2022 to TND 879 million in 2024.
For 2024, BIAT retained its top spot with a 15% share, confirming its central role in dividend distribution.
SFBT, the only non-financial company in the Top 5, held on to second place with a 14% share, highlighting the importance of the “Consumer Goods” sector despite banking dominance.
Attijari Bank maintained third place with a 13% share, while BT and AMEN BANK rounded out the Top 5 with respective shares ranging between 6% and 7%, also delivering a steady contribution year after year.
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