Border closure costs Cementos Molins EUR25m

The closure of the border between Tunisia and Libya and the regional political tension has seen Cementos Molins’ assets depreciate by EUR25m as exports have fallen, according to sources close to the company.

Cementos Molins, who owns two cement businesses in Tunisia, reported sales of EUR646m in 2015, representing an increase of 20 per cent YoY with profits at EUR50.8m, up 64 per cent. However, its subsidiary Sotacib, which produces white cement, reported losses of EUR7.2m and has been in the red since 2012.

However,  Cementos Molins CEO, Julio Rodriguez, has ruled out that the company would pull out of Tunisia.