Mutandis is selling more of its products again after a difficult year, with stronger demand for canned fish, hygiene products and drinks helping the industrial group return to growth. The group reported revenue of 764 million dirhams in the three months to September, up 29% compared with the same period in 2025.
Sales for the first nine months of 2026 reached 1.725 billion dirhams, a 16% increase on the same period last year.
The figures mark a recovery after a difficult 2025, when Mutandis saw its annual revenue fall by 4% to 2.022 billion dirhams. Its operating earnings, known as EBITDA, also dropped by 10% to 315 million dirhams.
Production problems at the Aïn Ifrane factory, shortages of sardines and a weaker US dollar all affected the group’s performance. The currency’s decline reduced the value of its export earnings.
The seafood business has been a major driver of the recovery. Better supplies of sardines allowed Mutandis to increase canned fish production by 27% in the first nine months of 2026. Revenue from these products rose by 52%.
Its Season brand, which has a strong presence in the United States, recorded a 10% increase in revenue since January. Growth accelerated to 26% in the third quarter, while sales for the first nine months reached a record high.
Anny, another seafood brand sold in African and European markets, also performed well, with revenue up 27%.
The hygiene division generated 632 million dirhams in revenue by the end of September, an increase of 10% year on year.
New ranges of powder and liquid products, launched towards the end of the first quarter, helped boost sales. The division’s revenue grew by 22% in the third quarter, while sales volumes increased by 19%.
The drinks business also recovered as the Aïn Ifrane factory returned to full production. The plant had suffered a production shutdown in the first quarter of 2025 before gradually returning to normal operations.
Revenue from drinks reached 237 million dirhams in the first nine months of 2026, up 23%. Sales volumes increased by 30%.
Fruit-based drinks remained a weak spot. Bad weather, heavy promotional activity in the soft drinks market and a maintenance shutdown in the third quarter continued to affect sales.
Despite the stronger performance, Mutandis is carrying more debt.
Its net bank debt stood at 949 million dirhams at the end of September, compared with 828 million dirhams at the end of December 2025. That represents an increase of 121 million dirhams.
The group said the rise was mainly due to rebuilding its stocks in the United States. It also invested 81 million dirhams during the first nine months of the year.
Mutandis has maintained its forecasts for the full year, following the stronger performance in the third quarter.
The latest figures point to a recovery in sales after a difficult 2025. But whether that growth will translate into higher profits, while the group’s debt continues to rise, remains an important question.
