The year 2020 was an excellent one for Land’Or. The cheese manufacturer has improved its turnover by 17% compared to 2019 to reach a record of 127.7 million dinars.
This performance is mainly the result of strong growth in export sales from 30 million dinars to 41.9 million dinars, a surge of 40%.
In the fourth quarter of 2020 alone, exports show a growth of +33%.
On the local market, and despite the persistent health and economic crisis, the company closed the year with sales up 9% to 85.8 million dinars.
The performance achieved by the company on the local market is due, on the one hand, to its resilience and ability to adapt to an unprecedented health and economic crisis, and on the other hand, to the launch of innovative products before the end of 2020.
In the fourth quarter, the company saw its local revenues increase by 20%.
In terms of production value, by the end of 2020, it recorded a 16% growth compared to 2019 in correlation with the increase in sales.
Despite the high prices of some basic raw materials, the company continues to control its production costs well.
In addition, during the year 2020, the company has made material investments of 5 million dinars under the investment plan in Tunisia and financial investments of about 15.5 million dinars representing the release of capital of its subsidiary “Land’Or Maroc Industries”.
At the end of the year 2020, the company has a debt of 3.9 million dinars, compared to a cash surplus of 19.7 million at the end of 2019.
The change in net cash corresponds mainly to capital expenditure and the financing of working capital requirements generated by the growth in revenues.