Displaying items by tag: Carthage Cement

Tunisia: Carthage Cement recorded a fall in turnover of 2% year-on-year to US$133m at the end of the 2024 financial year, ‘in an economic context marked by numerous challenges’, according to local news reports. Despite this, the company recorded a rise in cement production and clinker production, to 1.82Mt (+3% year-on-year) and 1.57Mt (+1% year-o-year) respectively. Local sales rose by 2% year-on-year to US$109m, while exports fell by 30% to U$12.6m. This decrease was reportedly mainly due to a strategic decision to limit export clinker sales in view of ‘unattractive’ market conditions. The producer reduced its debt by 10% to US$101m.

Tunisia: Carthage Cement has released its interim financial statements for the first half of 2024, revealing a net profit of US$11.7m, up by 48% from US$7.9m in the same period of 2023. The company's half-yearly revenues rose from US$70.8m in June 2023 to US$71.5m in June 2024. Operating profit grew by 17% to reach US$18.7m.

Tunisia: Carthage Cement made a net profit of US$7.7m in the year to 30 June 2023, a year-on-year increase of 57% from US$4.9m a year earlier. At the end of June 2023, the company recorded total operating revenues of US$68.7m, an increase of 22% from US$56.3m.

Tunisia: Carthage Cement has secured a contract to supply 1Mt of cement to a customer in the US. Emerging Market Watch News has reported that the contract will be effective from September 2023 until March 2025.

Tunisia: Carthage Cement saw a 35% rise in turnover during the first quarter of 2023 to reach US$37.3m. The company explained that the improvement was mainly due to a 64% increase in export turnover, which rose from US$4.0m in the first quarter of 2022 to US$6.5m in the first quarter of 2023. Local turnover was also higher, rising by 30% year-on-year to US$27.6m.

Tunisia: Carthage Cement recorded a turnover of US$119m during 2022, up by 13% year-on-year from US$105m. The producer invested US$8.17m in capital expenditure projects during the year, up by 18% from US$6.95m. Africa Manager News has reported that Carthage Cement's debt fell by 8% year-on-year to US$123m at the end of 2022.

Tunisia: Carthage Cement recorded a 48% year-on-year drop in its sales in the first half of 2022, to US$52.1m from US$101m. The producer’s net income for the half was US$4.73m, down by 51% from US$9.74m. It carries forward accumulated losses of US$315m.

Carthage Cement attributed its continued losses to delays to its commissioning of its upcoming new cement plant, as well as additional costs on top of the initial investment. It relied on short-term credits for part of the project’s funding. The company has restructured its bank loans and increased its capital to US$52.9m, in addition to an issue premium of US$10.8m.

Tunisia: Six companies filed offers to acquire a majority stake of between 58% and 78% of Carthage Cement’s registered share capital. The group called for expressions of interest on 29 May 2020 and the deadline for receipt of tenders was 4 December 2020. It said, “The list of pre-qualified investors will be communicated once the opening and examination of the offers received have been finalised.”

Tunisia: Carthage Cement has announced the successful shipment of 4100t of cement from its 2Mt/yr integrated Jebel Ressas plant in Ben Arous Governorate. The shipment was postponed from March 2020 due to the coronavirus lockdown in Italy and Tunisia and is to be the first of a number of shipments of a total of 250,000t of Ordinary Portland Cement (OPC), in accordance with Carthage Cement’s contract with a local construction firm.

Tunisia: Carthage Cement has submitted a statement to Tunisian police in which it alleges false testimony by FLSmidth’s lawyer who advised the Danish supplier in a criminal case which saw one employee sentenced to five years for illegal payments to Carthage Cement’s owners in 2017. Ritzau Finans newspaper has reported that FLSmidth’s management admitted to knowledge of the payments on 21 February 2020, something it had denied to authorities when under investigation prior to the trial, which concluded in November 2019.