Somocer's Financial Performance Plummets in First Half of 2024
In the first half of 2024, Somocer's total revenue excluding taxes stood at 11,261,430 TND, a 39.35% decline compared to 18,567,829 TND during the same period in 2023.
The company's net result suffered a staggering 1494.73% decrease, plummeting from -921,601 TND to -14,697,080 TND.
Somocer faced operational and financial difficulties in 2022, 2023, and the first half of 2024, which negatively impacted the company's performance and financial situation. These challenges were attributed to various external and internal factors, including:
- The difficult economic climate in Tunisia in recent years, accompanied by an inflationary context that negatively affected debt rates and consequently increased financial charges, as well as a rise in customer default rates and significant payment delays compared to contractual deadlines.
- The negative consequences of the Covid-19 pandemic and the Ukraine war, which significantly impacted global supply chains for raw materials and led to a substantial increase in raw material costs worldwide.
- The illegal importation of low-cost construction materials, primarily from India, which resulted in a significant decrease in local market prices.
