Financial Restructuring of Les Ciments de Bizerte
The company Les Ciments de Bizerte, which has been facing financial difficulties for several years, entrusted an external firm with the development of a restructuring plan at the end of 2024. However, this restructuring remains dependent on the mobilization of necessary resources, according to the report on the interim financial statements for the first half of 2025 published on the Tunis Stock Exchange website.
Key Points
- The report, prepared in collaboration with the company's teams, highlights Les Ciments de Bizerte's ability to continue its operations and meet its commitments, subject to obtaining the required financing and effective implementation of the restructuring plan.
- Since October 15, 2023, the company has suspended clinker production due to a lack of essential raw materials, including petroleum coke and refractory bricks, resulting from financial constraints.
- As of June 30, 2025, the company reported a net loss of 26.7 million dinars (MD).
- The first half of 2025 was marked by underactivity compared to normal production capacity, resulting in an underactivity cost of 11.3 MD for sold production and 0.3 MD for inventory.
Financial Performance
- The gross margin stood at -2.6 MD in the first half of 2025, compared to -1.8 MD for the same period in 2024, representing a deterioration of 781,622 dinars. This negative performance is mainly due to the halt in clinker production.
- To ensure business continuity and preserve its customer base and local market share, the company purchased 58,536 tons of clinker during the first half of 2025. However, these volumes remain insufficient to fully address its commitments and financial difficulties.
- Quay revenues increased from 1.3 MD to 2 MD over the period.
- Financial charges slightly decreased, reaching 5 MD at the end of the semester, compared to 5.9 MD a year earlier.
Fiscal Provisions
- The examination of tax accounts led to the establishment of an additional provision for tax risk of 4.4 MD, related to the delay in monthly tax returns due to the decline in revenue and the company's critical financial situation.
