Carthage Cement posts 16% drop in 1H revenues

Tunisia-based Carthage Cement has seen its revenues fall 16 per cent to TND102m (US$37m) in the 1H20 due to the stoppage of its operations between 28 March and 28 April 2020.

Exports by the company dropped 92 per cent from TND12.4m in the 1H19 to TND1m in the first six months of 2020. However, exports to Italy restarted in June. Domestic sales slipped by one per cent YoY despite the stop in activity for more than a month.

However, the company reduced its debt to TND440.7m by the end of June, down 18 per cent when compared with debt outstanding on 30 December 2019.