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Sunday 20 June 2021
HomeNewsTunisia: Carthage Cement announces net loss of 76 MD in 2018

Tunisia: Carthage Cement announces net loss of 76 MD in 2018

The Carthage Cement Company has published its financial statements for the year ended December 31, 2018 as submitted for approval to the Ordinary General Meeting to be held on December 6, 2019.

These statements show a net loss of 76 million dinars, compared to a loss of 69 million in 2017.

Although the company has managed to reduce its operating deficit by nearly 4 million dinars, the net financial charges still weigh on the cement company’s result.

Indeed, net financial charges rose from 49.4 million dinars in 2017 to 65 million dinars at the end of December 2018. Interest on loans alone represents nearly 40 million dinars.

Regarding operating expenses, they amounted to 262.9 million dinars, compared to 199.5 million a year earlier, up 32%.

This increase is mainly due to the rise in purchases of consumed supplies by nearly 25 million dinars to 147 million dinars.

Personnel expenses remained virtually unchanged at 28.5 million dinars.

Tunisia’s manufacturing Industries branch posted negative growth of -1.6% in the third quarter of 2019 bringing the number of successive quarters in recession to five for the first time (according to the quarterly variations available on the INS website since 2001).

Until then, the absolute record of successive recessions in the manufacturing industry sector was three quarters, achieved on two occasions.

A first time in 2009 with negative growth in the 4th quarter of 2008 and the first two in 2009.

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