Sonasid, the Moroccan steel industry firm, continues its upward trajectory in 2024 with an impressive financial performance for the first nine months of the year. The company’s social revenue climbed to 3.7 billion MAD, marking a 5% increase compared to the same period in 2023. This surge is underpinned by a remarkable 12% boost in sales volumes, reflecting robust market demand.
In its quest for growth, Sonasid has committed significant resources to innovation and expansion. By the end of September 2024, the company had invested 106 million MAD as part of a broader annual plan of 184 million MAD. A key highlight of these efforts is the completion of its new prestressed wire production unit—a high-potential product that is set to hit the market in the final quarter of 2024. This initiative underscores Sonasid’s commitment to diversifying its offerings and staying ahead in a competitive industry.
Sonasid’s consolidated revenue reached 3.8 billion MAD, a 4% increase over the previous year. This growth reflects the company’s robust financial management, bolstered by a strong cash surplus of 656 million MAD. These reserves are being strategically deployed to fund industrial projects critical to sustaining long-term growth and competitiveness.
Guided by its “Act For Impact” strategy, Sonasid is aligning its operations with innovation and sustainability goals. The company is well-positioned to tap into the expected growth of Morocco’s construction market while solidifying its leadership in producing low-carbon steel. This forward-looking approach is not just a response to market dynamics but also a commitment to the global energy transition.
