SOMOCER’s cumulative turnover had fallen to 42 million dinars at September 30, 2024, a decrease of 34.3%.
The company explained that this decline was mainly due to disruptions related to the freezing of the company’s accounts, which affected both supply and production.
In addition, demand for SOMOCER’s products fell as a result of the difficult economic climate in Tunisia, characterized by a sluggish real estate development sector, delayed tourist investment and a slowdown in home renovations due to weakened purchasing power and very high credit interest rates.
In addition, the parallel market is exerting negative pressure, with a significant supply of low quality products, often illegally imported from India and offered at very competitive prices.
On the local market, sales fell by 37.5% from 58.9 million dinars to 36.8 million dinars by September 30, 2024. On the export market, sales amounted to 5.2 million dinars, an increase of 1.3% compared to the same period in 2023.
In addition, bank liabilities (balance sheet commitments) increased by 1.6 million dinars to 77 million dinars at September 30, 2024, compared to a total of 75.4 million dinars at December 31, 2023. Long- and medium-term debt represented 27.1% of total balance sheet commitments as at September 30, 2024.