Econostrum | Economic News in the Mediterranean

The Tunisian Land'Or concretizes its development in Morocco

Written by Frédéric Dubessy on Thursday, February 24th 2022 à 17:55 | Read 652 times

MOROCCO / TUNISIA. The Tunisian Land'Or has just obtained an additional loan of 36.9 million dirhams (€3.5m) for its wholly-owned subsidiary Land'Or Maroc Industrie (LMI) created in 2019. This sum will finance the acquisition and installation of additional equipment as well as the construction of a storage extension in its future Moroccan factory, which will be delivered shortly. It will also be used to fund its working capital requirements.

A specialist in cheese (processed, natural, fresh or ultra-fresh) and number two in the sector in its country, the company had announced, in 2019, the construction of a 3,300 m² factory in Kénitra (36 km north of Rabat) on a 1.3 hectare site for an investment of €10.7m. Work began in 2020 and it will be operational in the second quarter of 2022. The site will employ 102 people for a production capacity of 5,000 tonnes per year. When the investment agreement was signed between its CEO Hatem Denguezli and Hafid Elalamy, the Moroccan Minister of Industry, in March 2020, its projected turnover for 2022 was estimated at €7.5m, rising to €10.4m by 2025. The factory will also be able to serve the sub-Saharan African market.

34% of turnover from exports

In September 2020, Land'Or also increased its production capacity at its Tunisian site. For these two financings, it had already benefited from €10.9m in loans from the EBRD. The company has been part of the bank's Blue Ribbon programme since February 2020. This programme, dedicated to smes with high growth potential, provides access to investments and a range of tailored advisory services as well as financing options.

With its Land'Or and Le Fondant brands and its Gruyère, Edam, fondant and ricotta products, the company claims a 30% market share in Tunisia. 34% of its turnover (154.5 million Tunisian dinars - €47.7 million - in 2021) is generated by exports. The establishment of its factory in Kenitra will mean that it will no longer export cheese to Morocco from its parent factory in Tunisia as it does at present.

Founded in 1994 by Hatem Denguezli and Hichem Ayed, Land'Or has been listed on the Tunis Stock Exchange since 2013.

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