On September 23, 2024, Maghreb Oxygène’s Board of Directors reviewed the company’s operational and financial performance for the first half of the year. The company showed promising growth across several key metrics, including revenue and net income, driven by higher gas sales in the industrial sector and better cost management.
Key financial highlights
- Revenue: Maghreb Oxygène recorded a 3.2% increase in revenue for the first half of 2024, reaching 151.6 million dirhams (MDH), compared to 146.9 MDH in the same period last year. This growth is mainly attributed to the rise in industrial gas sales.
- Operating profit: The company’s operating profit doubled, climbing from 2.0 MDH in the first half of 2023 to 4.0 MDH in 2024. This significant improvement is a result of efficient control over operating expenses.
- Net income: Net profit rose by 6.8%, reaching 6.5 MDH, up from 6.1 MDH in the same period last year. The growth in net income was supported by the stronger operating performance, although the result was slightly offset by a decline in non-operating income.
Maghreb Oxygène’s consolidated financial results also showed growth but with a few areas of concern:
- Consolidated revenue: Consolidated revenue increased by 3.0%, reaching 148.9 MDH, up from 144.5 MDH in the first half of 2023.
- Consolidated operating profit: However, the consolidated operating profit saw a decline of 26.0%, falling to 3.3 MDH from 4.5 MDH in the same period the previous year. This drop suggests challenges in managing group-wide expenses.
- Consolidated net income: The consolidated net income also decreased by 9.0%, standing at 8.2 MDH for the first half of 2024, down from 9.0 MDH in the same period last year. Despite the dip, the company remains confident in its overall strategy and future profitability.
Strategic outlook
Maghreb Oxygène remains focused on executing its long-term strategy, which emphasizes sustainable growth. Supported by these positive results, the company is optimistic about its ability to further improve its financial and operational performance.
