Tunisia’s largest ceramic maker reports bottom line fall in 2002
Tunisia's largest ceramic maker Societe Moderne De Ceramiques (Somocer) reported a net profit of 4.828 million Tunisian dinars ($3.65 million) in financial year 2002, down 9.84 percent from the TD5.355 million dinars reported in the previous 2001.
The fall was primarily attributed to the company’s ambitious TD19 million five-year expansion plan, undertaken in 2002, which translated into a 10.8 percent rise in operating costs, reaching TD41.95 million in 2002.
These rising costs have undercut the company's strong turnover, which recorded a 20 percent rise to TD49.45 million in 2002. Somocer earns 30 percent of its revenue from exports to France and Libya, according to Reuters.
Created in 1985, SOMOCER was acquired by the Abdenadher family in 1989. It is an industrial company specializing in ceramic stoneware and ceramic surface ware (soil and wall coverage by tiles). — (menareport.com)
© 2003 Mena Report (www.menareport.com)