Companies monitored
Number of company profiles tracked in this observatory.
9
Five listed or state-linked issuers and four non-listed service operators.
Evidence cut-off: 30 July 2026
Updated monthly
Official data first
National companies observatory
Public value must be measured, not assumed.
Audited numbers, service quality, government measures and transparent 2028 scenarios for Tunisair, Tunisie Telecom, public banks and Tunisia’s major state operators.
Flights close to schedule
Share of flights within 15 minutes of schedule.
37%
Flights within 15 minutes in 2025, down from 46% in 2024.
Tunisie Telecom revenue
Sales recorded by the telecom regulator, not profit.
1.244bn
TND, regulated operator revenue in 2025; ISP entities are reported separately.
Public disclosure
How fully and quickly accounts and service results are published.
Uneven
Listed issuers report regularly; several strategic operators do not publish current audited accounts.
What the evidence says
The problem is not simply “public versus private.”
The recurring failure pattern is weak service accountability, delayed financial reporting, blurred public-service obligations and support without measurable conditions.
Tunisair: 2025 movement from 2024
A fuller aircraft is not yet a reliable airline.
Ranking, stated accurately
115 / 117
Tunisair had the third-lowest AirHelp Score in 2025. It was last among 109 airlines in 2024.
This is a private passenger-rights ranking based equally on punctuality, customer opinion and claim handling. It is not an aviation-safety assessment.
State-controlled listed banks
Profitability diverged sharply in 2025.
Net income rose at BNA but fell at STB and BH Bank. Profit alone does not measure asset quality, public-sector concentration or future provisioning.
Company dossiers
Nine companies, two accountability systems.
BVMT companies face market disclosure rules. Non-listed public operators still need equivalent transparency because citizens and the budget carry their service and fiscal risks.
Aviation · Listed
Tunisair
Passengers
2.49m
Seats filled
76.1%
Debt
638m
Punctuality
37%
The core issue is reliability: passenger volume, market share and punctuality fell while debt rose. The 2023 audited loss was TND 282.7m, and those accounts were approved only in May 2026.
Priority: publish daily fleet availability, dispatch reliability, cancellations, compensation time and route contribution; condition any balance-sheet support on verified milestones.
Telecom · Not listed
Tunisie Telecom
2025 revenue
1.244bn
Fixed-internet revenue
438m
Mobile-internet revenue
346m
Ownership
65% state
The regulator reports operating revenue and quality monitoring, but current consolidated audited financial statements are not as accessible as listed-company filings. 5G launched in February 2025.
Priority: publish audited group accounts, fibre and 5G coverage by delegation, fault-repair times, complaint resolution and the cost of universal-service obligations.
Energy · Not listed
STEG
91% gas
The May 2026 generation mix shows extreme gas concentration. The Ministry of Finance’s public-enterprise risk report classified STEG’s overall risk as high for 2022, but that entity-level fiscal analysis is already too old.
Priority: quarterly audited subsidy, arrears, loss, collection and investment tables alongside daily reliability data.
Water · Not listed
SONEDE
23% losses
The current project baseline estimates physical potable-water losses at 23%. A USD 208.5m resilience component was approved in March 2026, but national interruption and non-revenue-water dashboards remain missing.
Priority: publish interruption hours, leakage, collection and water-quality compliance by distribution system.
Rail · Not listed
SNCFT
Data gap
Current consolidated audited statements and a national punctuality, cancellation, fleet-availability and safety-performance series were not found in the reviewed official public sources.
Priority: a route-level public-service contract with cost, subsidy, punctuality, cancellations and rolling-stock availability.
Banking · Listed
BNA · STB · BH Bank
BNA profit
274.5m
STB profit
65.9m
BH profit
39.8m
These banks are profitable, but their public value also depends on credit quality, provisioning, connected exposures, governance and whether state-directed financing is transparently priced.
Priority: publish comparable state-ownership objectives and separate commercial lending from any compensated public-policy mandate.
Telecom infrastructure · Listed
SOTETEL
TND 4.1m
2024 net income
Tunisie Telecom owns 35% and the public float is 65%. SOTETEL is therefore state-linked, not state-controlled under the usual majority threshold. It shows why ownership labels matter.
Priority: compete on equal terms, disclose related-party business clearly and link strategy to fibre, enterprise networks and exportable technical services.
What government is doing
Action exists. Verification is the missing layer.
Announcements are shown beside the next observable result. This prevents a meeting, financing approval or management change from being counted as an outcome.
Tunisair · March–October 2025
Fleet and maintenance intervention
The Transport Ministry required continuous availability of 14 aircraft, set up maintenance follow-up and reported the cell 68% complete. EASA Part-145 approval for Tunisair Technics was renewed.
Verify next: monthly serviceable aircraft, dispatch reliability, completed checks and cancelled flights.
Tunisie Telecom · 2025
5G launch and updated quality rules
Tunisie Telecom launched 5G commercially. INTT Decision 2025-16 updated the evaluation framework for mobile coverage and quality.
Verify next: operator results by region, affordability, complaint outcomes and remedy deadlines.
STEG and SONEDE · 2025–2028
Financing tied to energy and water delivery
The TEREG program sets energy-sector result targets, while the water program finances network and resilience investment. These are financed programs, not proof that service has improved already.
Verify next: disbursement-linked results, leakage, outages, subsidy effects and audited entity accounts.
All public enterprises · 2026
Board training and a new plan cycle
A governance program trained nearly 48 state board members. The draft 2026–2030 development plan includes public-enterprise reform and periodic evaluation.
Verify next: board selection rules, adopted company targets, annual evaluation and consequences for missed milestones.
2028 scenarios
Forecast the mechanism, not a fake precise future.
These are TunStat planning scenarios. They are not company guidance, government targets or investment advice. Use the selector to see how different reform execution changes the 2028 range.
Stress
Execution stalls, service reliability does not recover and financial pressure compounds.
Baseline
Announced measures are partly delivered, preventing deterioration but leaving structural gaps.
Reform
Support is conditional, management has authority and public KPIs trigger corrective action.
Reform sequence
Fix service first, then the balance sheet.
A recapitalization without operational conditions delays the next crisis. A cost-cutting plan without public-service contracts can damage essential access. Tunisia needs both disciplines together.
0–12 months
Expose performance
- Publish a state ownership register and one quarterly dashboard.
- Reconcile tax, social-fund, supplier and government cross-arrears.
- Give each company five service and five financial KPIs.
- Freeze unconditional guarantees and require a published recovery covenant.
12–36 months
Separate missions and money
- Sign costed public-service obligation contracts.
- Appoint boards through published skills matrices and fixed mandates.
- Price state guarantees and show their expected fiscal cost.
- Restructure debt only after operational milestones are independently verified.
3–8 years
Choose the right ownership model
- Retain strategic control where a clear public rationale exists.
- Use concessions, minority listings or partnerships where competition can work.
- Liquidate dormant subsidiaries through a protected legal process.
- Keep workers protected through funded transition and retraining plans.
Legal changes
Modernize the ownership framework; enforce the disclosure rules already on paper.
Update Law 89-9
Create a centralized professional ownership function, publish the rationale for owning each company and separate the state’s roles as owner, regulator and customer.
Enforce Circular 17 of 2020
Set a searchable filing calendar for audited statements, auditor reports and performance reports, with automatic escalation when deadlines are missed.
Contract public-service obligations
Every controlled fare, remote route, social tariff or universal-service mandate should state its cost, beneficiary, budget line and service standard.
Protect competition and minority investors
Apply competitive neutrality, disclose related-party transactions and prevent state support from bypassing CMF, competition and procurement safeguards.
Sources and limits
Every number has a status.
Actual, program target, private ranking, project baseline, disclosure gap and TunStat scenario are never merged into one category.
CMF and BVMT filings ↗
Listed-company indicators and audited statements.
INTT 2025 report ↗
Regulated telecom revenue and market reporting.
Public-enterprise report ↗
Official fiscal-risk framework, with older entity-level observations.
Transport Ministry ↗
Tunisair service diagnosis and interventions.
Law 89-9 ↗
Current legal base for public participations and enterprises.
OECD SOE Guidelines ↗
International reference for ownership, boards, disclosure and neutrality.
Investment warning: this observatory is public-policy research, not a recommendation to buy or sell any security. Company figures can be revised; consult the original filing before making a financial decision.