Morning Brief april 25th, 2023

FINANCIAL MARKET HEADLINES
| TUNISIA | CARTHAGE CEMENT | Turnover up 35% in Q1 2023
For Q1 2023, the turnover of Carthage Cement rose by 34.6% to TD 113.6 Mn. The share of export in revenues increased by 3.1 pts to 17.4%.

| TUNISIA | ARTES | Revenues down 32% in Q1 2023
For Q1 2023, ARTES sales fell back by 32.4% to TD 24.4 Mn. For its part, COGS fell by 23.3% to TD 20.3 Mn.

ECONOMIC HEADLINES
| MOROCCO | AIR TRAFFIC | A recovery rate of 96% in Q1 2023
In Q1 2023, Morocco's airports recorded commercial traffic of 5,912,986 passengers, representing a recovery rate of 96% compared to the same period of year 2019.

| CEMAC | COMMODITY INDEX | Decline of 10% in Q1 2023 QoQ
The Composite Commodity Price Index (ICCB) exported by CEMAC countries fell 9.9% in Q1 2023 quarter-on-quarter, after falling 13.4% in Q4 2022. These declines come after the historically high levels reached in H1 2022. Indeed, the prices of energy products fell by 17.9%, against a rise in the prices of non-energy products of 6.3%.

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