The “Societe Moderne de Ceramique” (SOMOCER) has just published its consolidated financial statements for the year ended December 31, 2020 as they will be submitted for approval to the Ordinary General Meeting to be held on July 05, 2021.
Impacted by the effects of the COVID-19-related crisis, the SOMOCER Group posted a record net loss of 15.3 million dinars in 2020, compared to a profit of 533 thousand dinars a year earlier.
This underperformance is the result of the combined effect of the decline in revenues, the near stagnation of expenses and the increase in net financial expenses.
In fact, the group’s revenue fell by 13% to 126 million dinars, compared to 145.4 million in 2019, including 119 million from the local market.
As for exports, they went from 12.8 million dinars to 6 million, down 52%.
On the other hand, operating expenses fell by only 3% to 120.4 million dinars, including 68 million consumed purchases and 23.8 million in personnel costs.
As a result, the group’s operating income falls by 69% from 22.3 million dinars in 2019 to 6.9 million at the end of December 2020.
In addition, the SOMOCER Group is still unable to reduce the burden of net financial expenses that weigh heavily on the final result.
At the end of the year 2020, the amount of these charges amounted to 23.1 million dinars, compared to 21.9 million the previous year, which tipped the net income group share into the red at -15.3 million dinars.
The SOMOCER Group has also been able to reduce the burden of net financial charges which weighs heavily on the final result.