Tunisia: Ciments de Bizerte Company announces record loss of 33 MD in 2018

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    After suffering a loss of 30 million dinars in 2017, the cement company continued last year its headlong rush.

    According to the financial statements for the year ended December 31, 2018, the company reported a record loss of 32.9 million dinars.

    In detail, however, the public enterprise has improved its turnover by 31% over the previous year to stand at 83.3 million dinars, compared to 63.6 million in 2017.

    On the other hand, the cost of sales exploded in parallel, reaching 79.2 million dinars, up 37%. For this purpose, gross margin is down 29% to 4.1 million dinars against 5.8 million in 2017.

    The company emphasizes that the year 2018 recorded a sub activity, compared to the normal capacity.

    The cost of the sub-activity was worth 8.8 million dinars for the production sold and 2.2 million for the stocks.

    Taking into account 25.7 million dinars of operating expenses, the operating result shows a deficit of 16.6 million dinars against -14.6 million a year earlier.

    Another negative point, net financial expenses increased last year by 34.4% to 21.7 million dinars, compared to 16.1 million in 2017, including 5.7 million of foreign exchange losses and 5.2 million unrealized foreign exchange losses.

    It should be noted that the bank debts of the cement maker amounted to 197.3 million dinars on December 31, 2018.

    In addition, during the 2018 financial year, the company was the subject of a thorough tax audit covering the 2014, 2015 and 2016 fiscal years.

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