Significant growth, but below our expectations
In line with our forecasts, Carthage Cement posted positive Q4 2015 figures. The 2015 cement production jumped by 46.9% thanks to a good Q4 2015 (+91.3% yoy and + 65.8% qoq). Carthage Cement's sales increased by 8.7% to TND184.271M, of which TND140.527M for the Cement segment (+23.4%). However, 2015 export sales declined, due to the dramatic drop in prices on the Algerian market. The Ready Mix sales also rose 8.8% to TND20.293M.
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