SOMOCER, the specialist in the production and sale of ceramic tiles, porcelain stoneware tiles and sanitary ware products, almost broke even in the first half of the year, mainly as a result of cost reductions.
The company recorded a 13.6% reduction in operating costs, from 48.7 million dinars at the end of June 2022 to 42 million dinars at the end of June this year.
Between January and the end of June, the company achieved revenues of 48.1 million dinars, compared to 50.5 million dinars in the first half of last year, a decrease of 4.7%.
As a result, the operating profit showed a surplus of 6 million dinars compared to 1.8 million dinars last year, an increase of 235%.
Nevertheless, net financial expenses continue to weigh on the company’s net profit. These costs absorbed the entire operating surplus of 6 million dinars.
In addition, the company incurred other ordinary losses of 1.1 million dinars in the first half of the year, corresponding to late payment penalties on tax returns.
As a result, the net loss for the period was reduced to 0.9 million dinars compared to 3.9 million dinars in the first half of last year.