SOMOCER has just published its interim financial statements for the six months ended June 30, 2024.
These accounts show a half-year net loss of 14.7 million dinars, compared with a loss of 0.9 million dinars at the end of June 2023.
This underperformance is the result of revenues falling faster than operating expenses. The company’s revenues fell by 35% to 31.1 million dinars in the first half of the year, compared with 47.8 million dinars a year earlier.
Operating expenses decreased by 5% to 39.8 million dinars from 42 million dinars in the same period last year.
As a result, the operating result for the period was a loss of 8.3 million dinars, compared with an operating profit of 6 million dinars in the first half of 2023.
In addition, net financial expenses amounted to 4.8 million dinars, compared to 6 million dinars in the previous year.
The company was subject to a customs inspection in 2024.
At June 30, 2024, the outstanding amount was 8.5 million dinars. Provisions for liabilities and charges were made in 2023 to cover the losses the company is likely to incur as a result of this inspection.
It should be noted that the company has already been subject to a customs inspection, which led to the conclusion of an agreement with the customs services in 2022 for the payment of an amount of 3.7 million dinars, which was fully provided.
As part of the tax amnesty, on March 19, 2024, SOMOCER agreed with the tax authorities on a payment plan for an amount of 46.1 million dinars and thus benefited from the waiver of penalties amounting to 443 thousand dinars as at December 31, 2023.
