What Carthage Cement does

Carthage Cement is a Tunisian integrated construction materials manufacturer founded in 2008 as a spin-off from Les Grandes Carrières du Nord. The company operates three integrated business lines: aggregate extraction at the Jebel Ressas quarry in Mornag, cement manufacturing at a single integrated plant, and ready-mix concrete (Béton prêt à l'emploi) production. Production capacity stands at 12,800 tons per day of aggregates (4 million tonnes annually across two crushing lines), 6,800 tons per day of cement, and 2,600 m³ per day of ready-mix concrete. The company holds approximately 23% of the Tunisian aggregates market, making it the largest quarry operator in the country.

The product portfolio spans hydraulic binders, clinker (Ordinary Portland Cement Clinker [Clinker OPC] and sulfate-resistant Clinker SR [Clinker CRS]), and a range of finished cements including CEM I 42.5N, CEM II/A-L 32.5N/42.5N, and sulfate-resistant grades (CRS), plus specialty concrete formulations such as fiber-reinforced concrete (Béton Fibré), cleanliness/lean concrete (Béton de Propreté), BPS (Béton Pour Sous-dalle / sub-slab concrete) and BCP (Béton Compacté au Chemin de Pince / bucket-path compacted concrete). The underlying technology platform is built on FLSmidth-type equipment, including ATOX 50.0 raw mills, EV 200X300 hammer crushers, a three-base 5.0m × 78m rotary kiln with a 5-stage ILC preheater producing 5,800 t/day of clinker, and computer-controlled concrete batching systems compliant with Tunisian Standard NT 21.195 (Norme Tunisienne 21.195 for ready-mix concrete).

Revenue is generated through B2B sales of bulk and bagged cement, aggregates, and ready-mix concrete at order-specific quotations, distributed via direct sales from production facilities primarily to domestic customers across four verticals: construction companies, public works contractors, cement factories (as clinker and bulk cement buyers), and the ceramics industry. Carthage Cement is majority-owned by Al-Karama Holding, a Tunisian state-owned investment vehicle that acquired a 58.2% stake in 2021, and the company is listed on the Tunis Stock Exchange. The 2023-2028 business plan targets revenue of 712.7 million TND, and a June 2023 contract to export 1 million tonnes of cement to the United States over 18 months (with an option for an additional 500,000 tonnes) marks the company's first material entry into a non-domestic market.

Name

Carthage Cement

Legal name

Carthage Cement

Website

https://carthagecement.com.tn

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Carthage Cement is a Tunisian integrated construction materials manufacturer producing aggregates, Portland and specialty cement, and ready-mix concrete. Operating Tunisia's largest aggregate quarry with 23% market share, it serves construction, public works, cement, and ceramics customers via B2B channels, with recent US export expansion.

Ownership category

akta.pro rank

Product category

Building Materials Manufacturing

NAICS

Cement Manufacturing (327310), Crushed and Broken Limestone Mining and Quarrying (212312), Cement and Concrete Product Manufacturing (3273)

SIC

Cement, Hydraulic (3241), Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)

akta.pro primary industry

Cement Manufacturing (Portland, Blended & Specialty) (IMADAAAG)

akta.pro secondary industries

Limestone Quarrying (Industrial & Construction Grade) (IMAKAHAC), Aggregate Processing & Value-Added Products (Washing, Screening, Asphalt/Concrete Aggregates) (IMAKAHAH)

Keywords

• Cement manufacturing
• Construction aggregates
• Ready-mix concrete
• Portland cement
• Building materials

Headquarters

HQ city

Tunis

HQ country

Tunisia

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Aggregates Sales: Exploitation, production and commercialization of aggregates from the Jebel Ressas site. Provides calcareous aggregates, marls, clays and marl-limestones to construction and public works companies.
2. Cement Sales: Manufacturing and marketing of hydraulic binders including Portland cement, limestone cement, and sulfate-resistant cement. Products sold in bulk or bagged.
3. Ready-Mix Concrete Sales: Production and marketing of ready-to-use concrete with various specifications including Concretes with Specified Properties (BPS) and Concretes with Prescribed Compositions (BCP)

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Carthage Cement manufactures and sells hydraulic binders (Portland cement, limestone cement, sulfate-resistant cement, and clinkers), ready-mix concrete (BPS, BCP, fiber-reinforced, and cleanliness concrete), and aggregates (gravel, ballast, sand, source rock) extracted from its Jebel Ressas quarry. It serves construction firms, public works contractors, cement factories, and the ceramics industry from integrated production facilities in Tunisia with a combined installed capacity of 12,800 tons/day of aggregates, 6,800 tons/day of cement, and 2,600 m³/day of concrete.

Product overview

Carthage Cement operates as an industrial cement and construction materials manufacturer with three integrated business lines: hydraulic binder (cement) manufacturing, ready-to-use concrete production, and aggregate extraction from Jebel Ressas quarry. The company produces standard and specialized Portland cements (CEM I, CEM II/A-L in 32.5N and 42.5N grades, plus sulfate-resistant CEM I-42.5 N-SR3), various clinker products (OPC and SR grades), and multiple concrete formulations including BPS, BCP, cleanliness concrete, and fiber concrete. The aggregates division supplies construction materials including gravel, run material, ballast, cement blocks, crushed sand, and source rock from its Jebel Ressas quarry operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Ciment Portland : CEM I 42.5 N (Portland Cement) Standard Portland cement meeting CEM I 42.5 N specifications for general construction applications.
• Ciment Portland au Calcaire : CEM II/A-L 42,5 N (Portland Limestone Cement) Portland limestone cement meeting CEM II/A-L 42.5 N specifications with added limestone filler for improved workability.
• Ciment Portland au Calcaire : CEM II/A-L 32,5 N (Portland Limestone Cement) Portland limestone cement meeting CEM II/A-L 32.5 N specifications for various construction applications where lower strength class is acceptable.
• Ciment Portland Résistant aux Sulfates : CEM I-42,5 N-SR3 High sulfate-resistant Portland cement meeting CEM I-42.5 N-SR3 specifications for use in aggressive environments such as marine, sulfate-rich soils, or industrial settings.
• Clinker OPC (Ordinary Portland Cement Clinker) Ordinary Portland Cement clinker sold for further grinding into finished cement or for direct sale to other cement producers.
• Clinker SR (Sulfate-Resistant Clinker) Sulfate-resistant clinker for specialized cement production in aggressive environments.
• Bétons à Propriétés Spécifiées (BPS) Concretes with specified properties meeting NT 21.195 standard for specialized construction requirements where performance characteristics are defined by the buyer.
• Bétons à Compositions Prescrites (BCP) Concretes with prescribed compositions for construction applications where the buyer specifies the mix composition.
• Béton de Propreté (Cleanliness Concrete) Lean cleanliness concrete used for foundation preparation and leveling applications prior to structural concrete placement.
• Béton Fibré (Fiber-Reinforced Concrete) Fiber-reinforced concrete for applications requiring enhanced structural performance and crack resistance.
• Gravel (Gravier) Coarse aggregate produced from the Jebel Ressas quarry for construction and public works applications.
• Run Material (Tout-Venant) Unprocessed aggregate material from quarrying operations used as raw fill and base material.
• Ballast and Cement Blocks Heavy-duty aggregate and cement blocks for railway ballast and construction applications.
• Sharp Sand (Sable de Concassage) Crushed sand aggregate for concrete production and construction applications.
• Source Rock (Roche Mère) Primary quarry material serving as source for various processed aggregate products.

Quantifiable outcome

• Revenue growth of 13% in 2022 reaching 367 million dinars
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Jebel Ressas QuarrycoreOthersThe Jebel Ressas quarry operated by Carthage Cement has been providing aggregates for over three decades and is the largest contributor to the national aggregates market.
• Croissant Rouge (Red Crescent)minorStrategic or Co-development PartnerCarthage Cement collaborated with the Red Crescent for community initiatives including school supply donations and social welfare programs.
• CNFCPP (National Federation of Craft Enterprises)minorStrategic or Co-development PartnerPartnership agreement signed for collaboration on professional development and training initiatives.

Scale indicators14 records

Recent moves6 records

Expansion highlights3 records

Broad incumbents

• CEMEX: Global building materials company producing cement, aggregates, and ready-mix concrete. Comparable product portfolio and competing for the same US-bound cement volumes that Carthage Cement secured in 2023.
• CRH plc: Global building materials group with vertically integrated cement, aggregates, and concrete operations. Comparable business model and serves as a useful benchmark for vertically integrated cement valuation.
• Holcim (formerly LafargeHolcim): Global cement and aggregates leader operating integrated plants and quarries across MENA and worldwide. Directly comparable business model (cement + aggregates + ready-mix) and is the international benchmark Carthage Cement's US export contract competes against.
• Heidelberg Materials: Major global cement, aggregates, and ready-mixed concrete producer with significant North African presence. Comparable integrated value chain and competing for the same cross-border cement export opportunities.

Direct peers

• Vicat: French-headquartered cement, aggregates, and concrete producer with historic North and West African footprint. Closely comparable integrated model and operates in the same Mediterranean/North African trade corridors.
• Ciments du Maroc (Heidelberg Materials subsidiary): Leading Moroccan cement and aggregates producer, the most direct North African comparable for geography, product mix, and customer base. Both target Maghreb construction markets and compete for similar aggregate and cement customers.
• Société des Ciments de Gabès: Domestic Tunisian cement producer and direct competitor within Carthage Cement's home market. Competes head-to-head for Tunisian construction and public works contracts.
• Ciments de Bizerte: Another major Tunisian cement manufacturer and direct competitor in the local cement market. Similar product portfolio and customer base within Tunisia.

Regional players

• Arabian Cement: Saudi-based cement producer serving the MENA region. Comparable product portfolio and regional market exposure, with similar export-oriented growth ambitions from a Gulf base.
• Adriatic Cement (Cemena): Emerging regional cement producer focused on Mediterranean and export markets. Comparable size and export-driven strategy, particularly relevant as a peer for Carthage Cement's US export contract economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carthage Cement