Les Ciments de Bizerte posts 59% drop in 1H revenue

Les Ciments de Bizerte announced disappointing results in 1H24. Revenues at the Tunisian cement producer declined by 59.3 per cent YoY to TND19.58m (US$6.45m) in the 1H24 from TND48.2m in the 1H23. The company’s loss increased by 55.2 per cent YoY to TND-26.8m from TND-17.27m over the same period.

In addition, Les Ciments de Bizerte saw its cost of sales fall by 54.6 per cent to reach TND21.43m while financial expenses declined by 22.5 per cent to reach TND5.93m in the 1H24.

"Given the still stifling financial crisis that the company is going through, the company is still unable to resume its normal activity in the cement industry and is limited solely to the activity of grinding clinker imported from abroad and unloading petroleum coke ships for the benefit of others,” a previous stock market press release had indicated.

"Clinker production was suspended throughout the second quarter of 2024. This suspension is due to the absence of petroleum coke material, the only possible fuel for the operation of the kiln, following the financial difficulties encountered by the company which prevented it from importing this material,” the company added.