Vicenne grew its sales and profits in the first half of 2026, with all three of its business lines reporting higher revenue. The healthcare equipment and services group made 591.1 million dirhams in revenue between January and June, up 12% from 526.6 million dirhams during the same period last year.
Equipment remained the group’s biggest business. Revenue from the activity rose 13% to 347 million dirhams, compared with 308 million a year earlier.
Implantable products and reagents brought in 182 million dirhams, up 10%. Services recorded the strongest growth, with revenue rising 18% to 63 million dirhams.
Profitability also improved. Gross profit reached 233 million dirhams, compared with 197 million a year earlier. The gross margin increased to 39.5% from 37.5%.
EBITDA rose 14% to 144 million dirhams, compared with 126 million in the first half of 2025.
Operating profit reached 135.3 million dirhams, up from 124.7 million. The financial result was negative, however, with the loss widening to 3.8 million dirhams from 1.9 million.
Net profit attributable to the group increased by about 14% to 93.8 million dirhams, compared with 82.6 million a year earlier.
Vicenne’s results come as spending on healthcare infrastructure continues to grow. Public healthcare projects and the rollout of territorial health groups are creating new opportunities, while private healthcare investment remains active.
The group’s consolidated assets stood at 2.06 billion dirhams at the end of June.
Net inventories increased to 168.7 million dirhams from 133.8 million at the previous year-end. Net customer receivables also rose, reaching about 1.08 billion dirhams compared with 985.6 million previously.
Cash generated from operations turned positive at 5.4 million dirhams. The figure stood at -20.5 million during the same period last year.
Financing activities used 150.5 million dirhams, mainly because of dividend payments and debt repayments. Closing cash stood at -66.2 million dirhams.
Net debt was -211 million dirhams, excluding leasing. Financing debt fell to 39.5 million dirhams from 48.4 million.
Vicenne also expanded its group structure during the period. TMS, in which it owns 75.5%, and IVOCARE, which it owns fully, are now fully consolidated.
The group plans to keep developing its three business lines during the second half of the year. It also plans to add new products and services and increase cooperation between its businesses.
Vicenne is keeping its 2026 revenue target of about 1.2 billion dirhams at constant scope. The target was set when the company went public.
